Wednesday, July 28, 2010

Intraday Update (7/28/10)

[330PM] SPX/mini count update -
Approaching the text-book support for a pullback from the ED, if it is an ED.

[1150AM] VIX update - ED?

[1030AM] SPX/mini count update -
On the bullish side, currently looking at a cap of 1125 (0.618x) to 1138.25 (1x) if this pullback is a fourth wave. Adjust the cap lower accordingly on additional pullback. The pullback does look corrective so far.

[805AM] SPX/mini overnight update -
If the overnight low marks the end of a 4th wave (degree uncertain, could be (iv), or iv), the upside cap is at 1147.50 for the Sept mini. And (v) or v = 0.618 (iii) or iii at 1134.23 for the Sept mini.