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July 15th, 2010: Update 3 – Morning 2

Posted by pugsma on July 15, 2010

11:30 am EST:  Wave 1-[1]-P3 ended at 1099.  The SP-500 is currently in a wave 2-[1]-P3 correction.  So far we have an a-b-c off the 1099 high and have hit 1080.  Wave 2-[1] targets are 1079 (23% retrace) and 1065 (38% retrace).  So the first target has been met.  The 13-day EMA sits at 1074 and should provide support.  And a wave 2 typically likes to retrace back to the previous wave 4 of lesser degree, which is 1070 by my revised count for wave 1-[1].  Finally there is the open gap in the 1078 to 1082 range that is providing some support thus far.

Once this wave 2-[1] completes, I’m expecting a large rally towards 1170 for wave 3-[1], as shown on the 60-min chart.

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

SP-500 60-min chart (11:15 am):

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