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July 22nd, 2010: Update 5 – EOD

Posted by pugsma on July 22, 2010

6:45 pm EST:  I’m feeling a little generous tonight.  If you would like a free trail to the Premium Service for the final 5 trading days of July, then e-mail me at pu_gridiron@yahoo.com.  However, I would ask that you be serious about potentially joining the premium service in August before signing up for the free 5-day trial.  Thanks.

4:40 pm EST:  This was the impulsive up day the bulls needed to save the 1057 low and to bust through the resistance of the 50-day SMA (1085) and the upper down trend line off the 1220 high.  And just as the bears were starting to feel all giddy yesterday afternoon about the next big drop lower.  Well guess what happened on the way to the bank?  The bulls charged out of the gate over night and gored the bears who were trying to cash in their IOU.

My primary and only count [ that’s for you Mike F.; we don’t need no umbrella’s here 🙂 ] is that today was wave i-(3)-3-[1]-P3.  It was a nice 32 piont pop off the wave (2) low of 1065 set yesterday afternoon.  I’m expecting wave ii-(3) to pull-back of least 38% to the 1085 area to test today’s break-out.  Then wave iii-(3) would have have a target of 1137 if wave-iii = 1.62*wave-i.

Bulls need the follow-through in wave iii-(3)-3 to confirm the Diamond Bottom Reversal.  So watch for the pull-back and retrest of the broken trend line, before the next move higher.  Any break down below the 1065 to 1070 area would change the trend back in the bears favor.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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