S&P 500 ~ Elliott Wave Count ~ 22 May 2013

Today we got the biggest drop since mid April. After reaching a new all-time high at 1687, the SPX reversed and declined to 1649.

Possible short-term count:

(previous count)

It's too early to tell though if today was the start of a medium-term correction. We have to wait and see what happens the next few days.