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July 23rd, 2010: Update 4 – Afternoon

Posted by pugsma on July 23, 2010

1:45 pm EST:  This move to a new high above 1097.50, appears to be the start of wave iii-(3).  However, it’s just the 5th wave of wave i-(3), then it should stop hear at 1102 to 1105.  The VIX has broken down to a new low at 23.35, which is below support in the 23.50 range.  So, the VIX is indicating wave iii-(3).   Also, I have an inverse head and shoulders on my 15-min chart with neckline at 1097, that targets 40 points higher or 1137.  This agrees with my iii-(3) target of 1137 for wave-iii = 1.62 * wave-i, that I mentioned in last night’s EOD update.

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