Most people you can fit 2 sizes. I am 5'2 and believe my inseam is a 29. I had a Dolce & then a Ruby both 51cm. I enjoyed the ride of both, never had any neck pain, back pain etc and was comfortable on both. I was not comfortable in the drops however. I rode my Dolce for 4,000mi and the Ruby 10,000+. Then I was at a Specialized event and had the opportunity to demo the Amira last year. It was suggested that I ride the 48.
Mind you, before getting the Dolce my first road bike then Ruby I went by the way my girlfriend likes to ride. She likes a more stretched position. So when I tried the 48 I thought the postion was not correct needless to say my choosing the 51. What I found when on the Amira I was sitting on my sit bones. On the others I think more pressure was on the front area kept moving myself back on the seat to sit on the sit bones, but then was not reaching the hoods so would be on my front matters. I would ride a century constandly adjusting myself on the seat. I felt I had more power with the Amira and I am very comfortable in the drops.
I still had a bend in elbow on the 51's. I just feel my position is more fine tuned on the smaller frame.
You look like you a well positioned on the bike but take notice how you are placing your self on the seat.
2012 Specialized Amira S-Works
2012 Vita Elite
2011 Specialized Dolce Elite (raffle prize) - Riva Road 155
Ralaigh Tara Mtn Bike