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July 9th, 2010: Update 5 – EOD

Posted by pugsma on July 9, 2010

4:30pm EST:  I have the wave 5 of v of (3) underway late today.  I’m still targeting 1085 for (3) to complete.   However, the 1078 level does statisfy the e-wave, 5-wave pattern for (3).  There resistance here from the 20-day SMA at 1076 and the 34-day EMA at 1082.  Once (3) is done, I’m looking for wave (4) to re-trace back to the 1054 (38% retrace) to 1058 area.  Wave 4’s often retrace 38% and arrive back at the previous smaller degree wave iv, which is 1058.  So after some weakness towards 1058 early in the week, I’m looking for wave (5) to target 1095 to 1105 by OPEX Friday, July 16th.

On the 60-min chart you can see my thoughts for the intermediate term.  After 1105 for wave 1-[1]-P3, I’m looking for wave 2-[1]-P3 to retrace back down towards 1047 (62% retrace).  Then it’s off toward the old 1220 highs for 3-[1]-P3.

Have a great weekend !!!

SP-15 min chart (EOD):

SP-60 min chart (EOD):

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