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June 29th, 2010: Update 3 – Mid-Day

Posted by pugsma on June 29, 2010

1:10pm:  I count 4 waves down out of the wave-iv triangle, so  it looks like there is one more wave down for this this wave v-1-[C]-P2.  So the SP-500 might briefly crack the 1041 level later this afternoon.  If the brief test of 1041 holds, then look for a nice wave 2-[C]-P2 bounce up to the 1076 (38% retrace) to 1098 (62% retrace) over the next 1 to 2 weeks.   The alternate count similar to the primary (purple) is that we have aready had waves 1 and 2 of [C]-P2 and we are in wave 3-[C]-P2 now.  In which case the bounce from 1041 will only be a very small wave ii-3-[C]-P2 up to 1060, before iii-3-[C]-P2 down gets cranked up and heads for targets down around 1010.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=800d60ad-79c0-4387-9a7a-09e70ac9a5f5

SP-500 15-min chart (1:00pm):

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