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June 28st, 2010: Update 3 – EOD

Posted by pugsma on June 28, 2010

7:03pm EST:  Looks like a contracting triangle. Triangles form in wave 4’s or in B waves.  So it looks like we have a wave-b triangle for wave-b-2-[C]-P2.   Once the triangle resloves (it’s done or close to it), then the target for c-[C]-P2 is 1092, where c=a.  However, we could also still be in a wave-iv triangle for wave-iv-1- [C]-P2.  In which case we could expect a drop to about 1054, where wave v=i.  There is a gap in the 1051 to 1058 area that could be the target.  It’s probably about 60/40 tha the triangle will resolve higher.  However, both counts are the same ultimately, it’s just a matter of whether or not wave 1 down is over and wave 2 up has begun, or wave 1 needs to drop a little further first before wave 2 up begins.

SP-500 15-min Chart (EOD):

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