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June 21st, 2010: Update 3 – Intra-Day Afternoon

Posted by pugsma on June 21, 2010

3:45pm EST:  Based on the magnitude of the drop this afternoon and the fall through the mid-channel line, the primary count is that wave (3) ended this morning at 1131.  The pull-back for wave (4) should be about 38% or down to 1100.    The neckline of the inverse head and shoulders is at 1105, so that could end the pull-back.  It’s also possible that for the primary count the wave (1) peak was at 1131 and this is the wave (2) pull-back I’ve been looking for the past few days.  In this case the pull-back will likely be deeper to 50% (1091) to 62% (1081).  We’ll just have to watch and see if the 1100 to 1105 area holds up at the lower purple channel line.

SP-500 15-min Chart (3:45pm):

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