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July 6th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 6, 2010

10:20am EST:  Good morning, enjoying the post 4th of July fireworks like I am?  I trust everyone positioned themselves correctly after my call from last Friday, July 2nd at 3:30pm EST that today would very likely be a very big up opening and quite possiblely a near-term and intermediate term trend-change.    It seems after 6 months of doing this some subscribers still doubt my BIG calls, based on the comments that followed by 7-2-10 EOD post.  I’ve been correct more often than not on near-term (few weeks) and itnermediate-term (few months) bottom calls.  I felt really good about Friday’s call based on both  E-wave/fib/channel analysis and classical Technical Analysis indicators (i.e. like the 60-min MCAD positive divergence and the potential for a large NYMO McCellan Oscillator positive divergence).  So when a I make a statement like I did on Friday, it’s done with a good deal of confidence.

We have now met the 1039 price target for wave 4 of the alternate count and have reached the cash market channel edge (see the 15-min chart below).  If we are to make a new low below 1010.91 in the near-term, the price must be rejected at this level and turn down very soon.  I don’t think this is likely to happen given the strength of the market move from Asia to Europe to the USA.   I believe we are headed for the 1071 to 1084 target area for wave 1 of the primary count over the next few days to a week.

SP-500 15-min Chart real-time link:  

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

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