SP500 - bullish with a bearish warning

Leading on from my weekly chart of this index here's my closer look at the price action. I can count 5 waves down there so that can either mean (to me at least) that we have just seen a a 5 wave C wave to complete a correction with the bullish blue count following or we have just seen an impulsive 5 wave move to the downside to begin a much bigger and longer term correction. Take your pick folks. Depends of you are bullish or bearish going forward I guess.