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July 14th, 2010: Update 4 – EOD

Posted by pugsma on July 14, 2010

5:15 pm EST:  Nothing today changed my thinking about the current wave (5)-1-[1]-P3 target of 1105 to 1115.  I think we had a flat for wave (4) and are now headed up in wave (5).  Wave (4) was contained nicely by the upper channel line.

My projection for the wave 2-[1]-P3 retrace of 38% down to 1069 is based on wave 1-[2] ending at 1105.  It should be adjusted by the final wave 1-[2] high.  For example, if 1099 ends up being the peak, the target is 1099 – (1099-1011)*0.38 => 1066 or if 1115 is the peak then 1115 – (1115-1011)*0.38 => 1075.

SP-500 15-min Chart (EOD):

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