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July 23rd, 2010: Update 6 – EOD

Posted by pugsma on July 23, 2010

5:10 pm EST:  Very bullish looking daily candles chart at the close.

SP-500 Daily Candles (EOD):

4:55 pm EST:  The primary count is that wave ii-(3) completed today at 1088 and the SP-500 has entered wave iii-(3)-3-[1]-P1.  Target for completion of wave (3) is 1137 based on inverse head and shoulders target.  The inverse head and shoulders has a neckline at 1097, which was broken today in afternoon trading.  On the 15-min chart, I’m showing a slight tweat to his count as an alternate (purple) were wave i-(3) completed today at 1104 and we’ll have a wave ii-(3) retrace on Monday to about 1089 (38%).  But regarless if the pull-back happens or not, the target is still 1137 for wave (3).  Remember wave 3’s don’t like to provide pull-backs to let traders get in on the action.  I notice that after hours SPY is up about another SPX pionts to about 1105.

On the 60-min and Daily charts you can see that the SP-500 broke out of the P2 downward trendline this week.  Also, the SP-500 climbed back over key moving average resistance of the 50-day SMA (1084) and the 50-week SMA (1097).  And don’t forget about the Diamond Bottom Reversal Pattern I showed two days ago, that projects to a price target of 1251 now that upper trendline has been busted.  This could be the target for wave [1]-P3.  There is also a larger inverse head and shoulders patter on the SP-500 60-min chart that projects to 1200 on break above 1105.

This was a very important week in the Markets in changing the intermediate term trend from down to up.  All week long, Dr Copper was leading this move higher and signaling that the SP-500 was going to take out the 1009 level.  I’ve been mentioning this to the paid subscribers in the intra-day updates.  Don’t forget next week is free week for readers who are serious about joining in August and beyond.   Drop me an e-mail to get started.

Enjoy the summer weather in the Northern Hemisphere!  And have wonderful weekend.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):0

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