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July 14th, 2010: Update 3 – Mid-day

Posted by pugsma on July 14, 2010

12:40 pm EST:  The move up appears to waning.  I still have a target of between 1105 and 1115 for the completion of  this wave (5) of 1-[1]-P3.   But today’s move from 1088 to 1099 does statify all e-wave rules for the end of wave (5), counting the move off 1097 as a 3-3-5 flat for wave (4).  We’ll have to wait and see if get one more push higher to challenge the 1105 to 1115 area.  The 200-day SMA sits are 1112 and is good target.  Closing today above the 50-day SMA at 1094, would be key for that final push up to occur.

The daily candle chart shows just how similar this move off the July 1st 1011 low is to the move off the Feb 5th low of 1040.  The shape of both corrective moves is virtually indentical with the current correction being a larger copy in amplitude and time.   There is good probability of some consolidation for a few days in the 1085 to 1115 band for wave 2-[1]-P3.  The 13-day EMA is up to 1073 this morning and quickly approaching a bull cross of the 34-day that sits at 1084.

SP-500 Daily Candles (12:11 pm):

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