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July 9th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 9, 2010

3:50pm EST:  Definitely looks like wave v of (3) is finally here as a small break-out has led to a new price high of 1078.   It looks like (3) might come up a bit short of the 1085 target.   However, one thing to keep in mind about wave 3’s, is that they love to sub-divided and push higher.  Don’t be shocked if we gap up open on Monday and rise towards 1105 .  As the waves I have labeled at wave iii and iv of (3) could become a second set of waves 1-2 in a sub-divided wave (3).  This is the nature of wave 3’s.

My primary count will be that (3) end today at 1078 and we’ll get wave (4) 38% retrace back towards 1055 to 1058 early next week.  Before wave (5) heads to 1105 by OPEX Friday, July 16th.

SP-500 15-min chart (3:45pm):

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