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July 13th, 2010: Update 5 – EOD

Posted by pugsma on July 13, 2010

6:45 pm EST:  I’m offering the Premium Service for the balance of July (13 trading days)  for $15. Just shoot me an e-mail at pu_gridiron@yahoo.com to get started.

5:40pm EST:  The SP-500 exceeded my daily target of 1097 by 2 points and hit 1099.  I vow to do better for tomorrow.  🙂  I’m going with  a target of 1105 for wave (3) to end.  Yes, that right wave (3) is not over.   The gap up at 1078 today was a  “gap of regcognition” in wave iii of (3).  It should remain open as this wave continues to climb higher.    And now I’m thinking the wave (5)-1-[1]-P3 could reach 1115 towards the end this week or early next week.  The 200-day SMA is at 1112 and should provide the final bit of resistance to prodce the wave 2-[1]-P2 pull-back towards 1076 (38% retrace) before wave 3-[1]-P3 targets 1170. 

On the daily chart, notice the nice big “BULL Flag”, which was P2.  Now look at the weekly chart.  Notice the nice big “BULL Flag” in 2004 which separated the first leg of the cyclical bull market from the second leg.   History could be repeating…

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

SP-500 Weekly Chart (EOD):

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