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July 2nd, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 2, 2010

1:30pm EST:  I looking at today’s pull-back as a wave ii of the next aggressive move higher for the primary count or a wave-b pull-back of a-b-c for wave 4 of the alteratnate count.    For both situations the first target is still the 1040 area.  I’d expect that target to be met early next week.  A break below the 1010.91 level invalidates the move to 1040 and opens the door for a drop to the 992 area in wave 5 of the alternate count.   One of the things that has me bullish with this pull-back today is the fact that the VIX has moved agressively lower both yesterday and today indicating that a cournter-trend rally for the SPX is likely.

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