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July 21st, 2010: Update 3 – Mid-day

Posted by pugsma on July 21, 2010

12:05 pm EST:  I have labeled today’s early morning push to 1089 as wave iii-(1).  And the correction back down to 1078 as iv-(1), but it would not surprise me to see wave-iv play out as a consolidation triangle between 1078 and 1089 for most of today.    Any correction for wave-iv must stay above the wave-i level of 1070 to keep this count valid.  I’m looking for v-(1) to reach into the 1093 to 1096 gap area.

SP-500 15-min chart (12:00 pm):

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