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July 9th, 2010: Update 2 – Intra-day Morning

Posted by pugsma on July 9, 2010

11:15am EST:  We have 5 waves (i, ii, iii, iv, v) up at 1075 off the 1015 wave (2) low.  The 1072 to 1074 gap down was filled as well.  It’s possibile that 1075 is end in the wave (3) and the 1085 target will not be reached.   If wave (3) is complete at 1075, then a good target for wave (4) is 1052 for a 38% retrace of (3).  I would also watch for wave (4) to develop as a contracting triangle between 1050 and 1075 over the course of the next couple of days.  My target for wave (5) is still between 1085 and 1105 by OPEX Friday, July 16th.

SP-500 15-min chart (11:00am):

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