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July 12th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 12, 2010

11:40am EST:  I think the early moring move up to 1081 was the end of wave (3).  The drop to 1070 was leg-a of either an a-b-c Zig-Zag corretive or mabye an a-b-c-d-e consolodation triangle.  For the Zig-Zag the target would around 1056 (38% retrace).  For the consolidation triangle it’s more likely the retrace will be shallow at 23% or 1066.  I’m still targeting the 1095 to 1105 area by Friday July 16th for the end of wave 1-[1]-P3.  Note that the 34-day EMA sits are 1081 and the 50-day SMA is at 1097.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=900cd9cc-f84d-4c12-bf39-d568cb2f4f52

SP-500 15-min chart (11:20am):

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