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July 27th, 2010: Update 3 – Mid-day

Posted by pugsma on July 27, 2010

12:35 pm EST:  The SP-500 is still following the map I laid out yesterday in the EOD post.  Wave 3-iii-(3) to 1121 and now a wave 4-iii-(3) consolidation (1121 to 1109 thus far).   This wave 4-iii-(3) could become a triangle for the rest of today going into tomorrow.  Wave 4 needs to stay above the 1105 area and remain in the upper half of the channel.  If things continue to unfold in this sub-divided wave iii-(3), then we should see a wave 5-iii-(3) reach to around the 1125 to 1131 level later this week and wave v-(3) should reach the Inv H&S target of 1137 early next week.   

The alternate count (purple) view is that this 1121 peak is only wave i-(3) and we get a wave ii-(3) retrace to the 1086 (62%) to 1099 (38%) area going into the end of this week.  Then next week the wave iii-(3) will begin and head much higher.  This count will agree with the bearish rising wedge that has developed.  So we’ll have to watch it closely.

SP-500 15-min Chart (12:25 pm):

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