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July 8th, 2010: Update 2 – Intra-Day Morning

Posted by pugsma on July 8, 2010

10:45am EST:  Well, we have had a gap up open and a move to the 50% retrace fib of 1071.  We also busted through the upper channel line.   This is exactly how a wave iii-(3) impulse is supposed to behave.  I’m looking for a gap fill of the 1060 to 1063 gap open for wave iv-(3).  Wave iv could take the form of a triangle and last most of today.  For wave v-(3) the target should be raised to the 62% fib of 1085.  Which would also mean that I will have to revise higher the wave (5)-1-[1]-P3 target from 1085 to something close to 1090 to 1105.  But let’s take this one step at time.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2a17c815-9c27-42f9-861c-267fe416dd93

SP-500 15-min chart (10:30am):

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