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July 6th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 6, 2010

1:45pm EST:  I have labeled 1042 as wave i-(3)-1 and I expect a this ii-(3)-1 pull-back to reach at least 1024 (62% retrace).  However, price just needs to hold above 1015 to remain a valid count.  Closing this mornings gap at 1022 maybe the goal.     The alternate count is that 1042 was the top of wave c-4-[C] top and price is now headed for a new low below 1010.01 in wave 5-[C].

SP-500 15-min Chart (1:40pm):

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