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July 9th, 2010: Update 3 – Intra-Day Mid-day

Posted by pugsma on July 9, 2010

1:50pm EST:  It’s looking like we might be in a wave 4 of v of (3) here around 1072 and there may be one more pop above 1075 going to the close today to finish wave 5 of v of (3) up near my original 1085 target.

As we wait out this boring wave 4, have a look at the daily SP-500 chart going back to the March 2009 low of 666.  Notice that the 20-day SMA sits are 1076 today, so that is likely why we have stalled at 1075.50 today.  Also, notice that the P2  wave down off the 1220 top in April 2010 could be interperted as a large BULL FLAG.  The flap pole would measure 554 points (1220-666) and the target for the BULL FLAG would be 1011 + 554 or 1565.  This would bring the SP-500 back to it’s all time high of 1575.   FLAGs are typically continuation patterns that occur in the “middle” of large directional move.  Just something to think about, along with the large inverse head and shoulders on the SP-500 that projects to levels above 1600.

SP-500 Daily Chart:

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