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June 17th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on June 17, 2010

2:23pm:  I only count 3 waves down off the 1119 high for the dorp to 1105.  Plus, the SP-500 is maintianing the upper half of the mid-channel line.  This could mean a couple things:

1) Primary Count :  This is wave-a of an a-b-c, 3-3-5 flat for wave (2).  The b-leg should test 1115 to 1119, before the c-leg drops down to at least 1105 again and possibily down to 1090 if it extends.

2) Alternate Count:  Wave iv-(3) just completed today at 1105 and the SP-500 is headed for 1130/1140 in wave v-(3).  A break out above 1120 will confirm this move.

SP-500 15-min Chart (2:20pm):

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