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July 7th, 2010: Update 5 – Intra-day Afternoon2

Posted by pugsma on July 7, 2010

3:45pm EST:  Ignore the alternate count in red, as I need to eliminate or modify it after the close today.  The primary count has been tracking like a champ since the July 1st low of 1010.91.  I hope everyone is profiting from it as much as I have.  It looks like this 1056/57 area is right at the upper channel line edge. It’s also a 38% fib retrace from from the 1131 to 1011 drop.  So this looks like a good place for the market to possibily take a small breather for wave iv-(3).  Any pull-back for wave iv-(3) will need to hold above 1042.5, which is the wave i-(3) high.

SP-500 15-min chart (2:45pm):

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