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June 22nd, 2010: Update 2 – Intra-Day Morning

Posted by pugsma on June 22, 2010

9:49am EST:  The SP-500 is quickly back testing the 1120 break-out area from yesterday.  This is the area to watch to see if this is just a b-leg of the a-b-c corrective for wave (4) or if wave (4) completed yesterday at 1108 and this is the beginning of wave (5)-A-[B]-P2 head towards 1150/1170.  I favor it being the b-leg up to 1120 with a c-leg drop of wave (4) to test 1100 yet to come later today.

Also, be aware that based on my Update 1 – Pre-March post, that I completely re-done the primary count switching it over to original alternate 1 (3-3-5 flat scenario) for Primary Wave 2 (P2).  Thus, the SP-500 is in a corrective [B]-P2 wave heading up towards 1220.   And the alternate count is the now the original 2nd alternate (5-3-5 Zig-Zig scenario in red).  This count is also in the corrective [B]-P2 wave up to about 1150/1170.   So the point here is that we are likely still in a corrective P2 wave that will last into the fall of 2010.  And this [B]-P2 wave could be strong and re-test the 1220 high or much weaker and stop at the 1150 to 1170 area.   So preceed with caution, as I believe the 1010 to 1040 area will be tested again this fall.  And if the alternate count plays out then the 950 area is a possibility.

SP-500 15-min Chart real-time link: http://www.freestockcharts.com?emailChartID=7c99b152-a9f8-42b7-bc05-f27ea341269e

SP-500 15-min Chart (9:45am):

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