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July 23rd, 2010: Update 5 – Afternoon 2

Posted by pugsma on July 23, 2010

3:50 pm EST:  The debate I’m having here is whether or not today’s move is the completion of wave i-(3) or beginning of of iii-(3).    The only difference is whether or not we get one more pull-back to about 1085 to 1090 before heading to 1137.   I’m leaning towards it being the beginning of iii-(3), but we likely won’t know for sure until Monday.  A close today above the inverse head and shoulders neckline at 1097 (also the 50-week SMA) would be good for a continued press higher without much of a pull-back

SP-500 15-min (2:40 pm):

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