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July 15th, 2011: Update 1 – Afternoon

Posted by pugsma on July 15, 2011

2:20 pm EST:  Still looks like a wave (4) of minor C of major [2]-P5 triangle, with waves a-b-c-d complete and now working wave-e up.   I’m expecting wave (5) of minor to drop to the 1292/1295 target zone early next week.

Alternatively a strong move high into the close today at exits the pink down channel and closes well above the 1315 pivot (at about 1320) could signal the low for minor C of major [2]-P5 is in place at 1306.61.

SP-500 5-min chart (2:13 pmEST):

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