The primary count is that wave (iv)-down since the 1/31/2011 low ended at this afternoon's low. Wave (v)-up is in progress. If the market choose to extend, this afternoon's low would be labeled iv of (i) since the 1/31/2011 low. Wave (iv)-down theoretically could extend down with this PM's drop as wave  of c of (iv), but that may count better as a 2nd wave retrace in an extension. See the blue counts in the following charts.
The alternative count is that a five wave advance since the 1/31/11 low completed today, with a new high in INDU but truncated 5th in SPX and NDX. If the market decides to extend, the current top would be labeled as wave (i)since the 1/31/2011 low. See the red counts in the following charts.
[1130am 1150am]Mid-day update (ES, YM) -
[820am] Overnight update (ES, DX) -