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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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