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July 7th, 2010: Upate 2 – Intra-day Morning

Posted by pugsma on July 7, 2010

10:25am EST:  Well that didn’t take long, as the SP-500 is back testing the 1040/42 resistance area yet again.   This has all the looks of a iii-(3)-1-[1]-P3 wave and after checking the resistance a few times it should break through to head toward the top of the up channel near 1050.  Note, as soon as the 1042.50 level is breached to the upside the alternate count, as labeled, is dead.

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

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