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July 15th, 2010: Update 2 – Morning

Posted by pugsma on July 15, 2010

10:00 am EST:  Some weakness here at the open, brings in the possibility that the wave (4)-1-[1] is not yet complete and may play out as a complex triangle with legs d-e underday    I will be watching the 1087 area to see if it holds up.  If we hold this area then 1105 to 1115 is still achievable for wave (5)-1-[1].  If we start to break down much below 1087, the retrace move down in wave 2-[1] has likely begun.  Targets for 2-[1] are in the 1065 to 1075 range.

SP-500 15-min real-time chart:  http://www.freestockcharts.com?emailChartID=27ee9c86-691c-4dd8-ac83-07f67c19eba9

SP-500 15-min chart (9:55 am):

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