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July 8th, 2010: Update 3 – Intra-day Afternoon

Posted by pugsma on July 8, 2010

2:30pm EST:  A wave iv correction is typically between 23 and 38% retrace of wave iii, in which case the wave iv target areas are 1058 (23%) and 1051 (38%).  We have already hit the 1058 target, so now we need to watch closelly to see if the 1051 target is in play.   Also, the wave iv-(3) drop thus far does have a bull flag look to it, so I’m still expecting a pop towards 1085 for wave v-(3).

SP-500 15-min Chart (2:35pm):

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