July 23rd, 2010: Update 3 – Morning 2
Posted by pugsma on July 23, 2010
11:40 am EST: I really don’t like to show 5-min charts, as they are chaning within hours of posting them. It’s not worth trading at that fine level of detail, imho. I haven’t shown a 5-min chart since April. I like sticking with the 15-min and 60-min charts.
Away I’m going to stick with my primary count (always shown in white) that I had in the EOD of update last night. Here is a close up look at it on the 5-min chart. I’m expecting a sell the EU banking news in about 30 minutes, which will produce the pull-back for wave ii-(3) to the 1081 (50% retrace) or 1085 (38%) area. Staying above the 50-day SMA of 1084 at the close today is important. Alternately (purple count), if they market rallies on the EU news, then today’s low of 1087.88 was likely wave ii-(3) and we’re off in running in wave iii-(3).
SP-500 5-min Chart (11:30 am):
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