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July 8th, 2010: Update 4 – EOD

Posted by pugsma on July 8, 2010

7:55pm EST:  I was looking closely at the 5-min squiggle chart and I see a possibility that wave-iv is not over and that this will be a a-b-c, 3-3-5 flat so we’ll retest the 1058 area again tomorrow morning before moving to 1085 to complete v-(3).  That will be a slight alternate for tomorrow.

4:50pm EST:  Good news for the bulls today is the the 13-day EMA at 1059 changed from being resistance and became support.  Interesting that the 34-day EMA (1082) and 50-day SMA (1102) line up with my E-wave targets for this wave up.

SP-500 Daily Candle Chart (EOD):

 

4:10pm EST:  Everything is tracking very well on this impulse wave up off the 1010.91 P2 low.  I predicted a 1071 target for today and the SP-500 hit 1071.25.   That’s three straight days in a row that I have nailed it.   I’m almost as hot right now as my home town Chicago White Sox.  I just watched them complete a 4-game sweep the LA Angels moments before typing this update.  The White Sox have now won 24 of the last 28 games.  I’m hoping to match that streak on market calls.   🙂

The count is a wave iii-(3) completed at 1071 today and we had a wave iv pull-back to 1058 or about 23% fib retrace, which is very typical of a wave iv.  I now have us in wave v-(3) with a target of 1085, which is where wave v=i an is a 62% fib for the move down from 1131 to 1011.

SP-500 15-min Chart (EOD):

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