S&P 500 ~ Intraday Update 1 ~ 16 August 2010

The SPX gapped down today and closed the gap at 1070ish reaching my wave v target. Since then the market has already rallied more than 10 handles which suggests that wave (i) ended at 1069 and wave (ii) is now underway.

The wave (ii) target is in the low 1100's between the 50 and 62 % retracement of wave (i).