Tuesday, July 6, 2010

S&P 500 ~ Intraday Update 6 July 2010

I hope you had a great weekend!

June 21st again?

Do you remember how Minor 2 ended? It was the first trading day of the week and the market opened with a big gap up. Around 10 am the market topped and declined for the rest of the day. At 2 pm the first five waves down were completed. A short bounce (wave ii) followed and wave iii started in the last trading hour. At one point the market was down nearly 1 % (after being up 1,5 % in the morning).

Today we got another big gap up, topped around 10 am and seem to have just finished the first five waves down at 2 pm. So I won't be surprised if we test 1011 today.

A possible short term wave count:

This could be wave [ii] or alt only wave (a)/(w) of [ii]