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July 13th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on July 13, 2010

1:30 pm EST:  Here is the 15-min updated chart.  The target for wave (5)-1-[1]-P3 has been met at 1097.  I think the next move should be a wave 2 retrace of about 38% for a target of 1064.  However, it’s possible that this move down will not get underway until after OPEX week ends.  So I have alternate count that has 1097 as the wave (3)-1 peak and now we’ll have a shallow wave (4) retrace (23% or less) that will keep the 1078 to 1082 gap open from today and hit a target near 1105 to 1110 by the end of the week.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=51988659-3eab-4ccb-8480-71c95910f7a9

SP-500 15-min chart (1:20 pm):

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