From a bullish perspective, the bottoming process has likely (almost) run its course (Chart 1). There's potential for a truncated low in cash index although one more lower low to finish (c)-down of [y]-down would be normal.
The blue count in Chart 2 is the preferred count under this interpretation. The green count is more near term bullish and the purple and red counts are more bearish ones.
Please also see DAX and SP500 (5/11/12) for thoughts on the bigger picture.
[1255pm] SPX squiggles -
[9am] ES update -
ES appears to be thrusting down from a triangle to complete a five-down or ABC down. See the 2nd chart for the larger structure.
