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July 14th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 14, 2010

11:25 am EST:  Looks like this mornings low of 1088 maybe best labeled at a 3-3-5, a-b-c expanded flat off the wave (3) peak of 1097.  Notice the b-wave of the flat exceeded 1097 to 1099 and then the c-leg fell below the a-leg low of 1095 to 1088.  This is very typical behavior of an expanded flat where b=1.22a and c=1.62a.  This wave (4) could also morph into a triangle if it drags on in time.  I’m still looking for a wave (5) peak of between 1105 and 1115, but anything above 1097 will satisfy the e-wave rules for a normal (non-truncated) 5th wave.  The 200-day SMA is at 1112 and I dont see wave 1-[1]-P3 getting past it.  That will be the job of 3-[1]-P3.

SP-500 15-min Chart (11:15aam):

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