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July 19th, 2010: Update 2 – Mid-day

Posted by pugsma on July 19, 2010

1:25 pm EST:  This is starting to look like a wave iv-(c)-2-[1] contracting triangle with leges a-b-c complete thus far.  After legs d-e complete today between 1063 and 1067, I’d expect a 10 point drop from wave v-(c) to the 1055 aera (50% retrace) later today or tomorrow.  From there, the SP-500 should start run to attempt to break the purple down channel line near the 1080 to 1085 area later this week.

SP-500 15-min chart (1:15 pm):

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