Wednesday, July 21, 2010

S&P 500 ~ Intraday Update 2 ~ 21 July 2010

The possible wave b high hold and the market is now selling off and just made a new LOD (SPX 1077). So forget the possible short term bull count I posted before.

May be you remember the fractal I posted yesterday:

As you can see almost the whole rally was retraced the following day in mid May. Thus we should see SPX 1060 today. More than 1,5 % down from here in about 2 hours? We'll see.

Edit 2.20 pm: OMG! A 14 point slide within just a few minutes! 1060 doesn't look that unrealistic now does it? LOL