S&P 500 ~ Intraday Update 1 ~ 23 November 2011

After closing around 1190 again yesterday the SPX opened lower today and is now trading below 1170. Thus, I think the bearish count is now much more likely:

Based on the count and fibonacci wave [iii] might end soon. It looks like we're already in subwave (v) and the sub 1160ish area seems to be a good place for a bottom. At 1153 wave [iii] is 1.62*wave [i], at 1155 is an open gap and at 1158 is the 62 % retracement level.