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July 22nd, 2011: Update 1 – Morning

Posted by pugsma on July 22, 2011

10:25 am EST:  Updated 15-min chart.  As a note: any break below the IHS neck-line of 1330 would indicate to me the minor 1 of major [3]-P5 has ended at 1347 and now minor 2 is underway with a target area of 1315 to 1322 or a 50% to 62% retrace or minor 1.

SP-500 15-min chart (10:21 am):

10:10 am EST:  The small pennant broke down instead of up this morning and it down counts better as wave (3) having ended at 1347 and this pull-back is wave (4).    Wave (4) pull-back targets are 1339 (23%) and 1335 (38%).  The wave iv-(4) low was 1338.46 and often wave 4’s like to retrace to the wave 4 of lesser degree area.  If  the 1335 to 1339 holds for the wave (4) low, then the wave (5) target is 1360 to 1364, where (5)=(1) and which matches the IHS target of 1364.

SP-500 5-min chart (10:06 am):

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