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June 18th, 2010: Update 3 – Intra-day Afternoon

Posted by pugsma on June 18, 2010

1:35pm EST:  Looks like the move from 1105 to 1121 was the b-leg of an expaned flat for wave (2).  The a-leg was 1119 to 1105 (14 points).  The b-leg should 1.2*a = 17 points or 1105 + 17 = 1122.  The c-leg down should be 1.62*a = 23 points or 1121-23 = 1098.  So I’m looking a target between 1090 (38% retrace) and 1100 for with the primary count going into Monday.  However, if we break solidly above the 1120 area later today, then I will suspect 1130 to 1140 will be seen early next week  and the count will more close follow the alternate count in that we are in wave v-(3) headed up of the wave iv-(3) low of 1105.

SP-500 15-min Chart (1:30pm):

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