SPX - 7/28/10 - AM UPDATE [EOD UPDATE]

EOD Update

That lower trend channel has not been moved. Interesting ain't it how it started clustering here into the close as I posted about this at 10:40 am. 

Of course the market left us hanging but this surely is lining up as a wave 4.

One more thing. I'm contemplating changing the degree of this move up. It may only be minuette (i) of minute [iii]. I 'll post a daily chart later to show why I'm thinking this may be the case.

10:40 AM UPDATE

Like a true wave 4, a continual sideways move. That lower channel trendline was drawn a few days ago using the (i)-(iii) trendline to help project for (iv).

In true EW fashion, price is heading for that line. It doesn't have to stop there but it does so every now-and-then.

If it doesn't stop there and it does turn out to be a wave (iv), we'll reverse the process by drawing a new (ii)-(iv) trendline and place a parallel one off (iii) to project for (v).

SPX - 15 MIN - 8:25 AM

I made a slight adjustment to wave (iv)'s subwaves. I'm labeling it as a double corrective (w-x-y). The triangular structure was an X wave and drop today is working on wave Y.

Keep n mind, the subwaves for a wave Y consists of an a-b-c structure so look for a 5-3-5 to play out. This can be viewed on the 3-5 min chart.