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June 25th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on June 25, 2010

10:05am EST:  The key level to watch for sign that wave 1-[C]-P2 down is over and 2-[C]-P2 up has begun is a break above 1079/1080 cash or ES 1075 (which was my line in sand on the way down).  To the downside we have to watch for a break below 1069 or ES 1065.   Below 1069, I believe a fall to close the 1051 to 1058 gap could occur.  The falling wedge could break down and the price could continue to fall within the ES channel I showed this morning.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=7fbb3f71-9475-4f52-bc75-63e82494fd20

SP-500 15-min chart (10:00am):

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