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July 27th, 2010: Update 4 – Afternoon

Posted by pugsma on July 27, 2010

3:45 pm EST:  It’s days like today, that piont out why it’s not easy to day-trade using Elliott Wave alone.  Thus, I swing trade the trend of over days, weeks and even months based on trading the larger degree 3’s and C’s waves.  Is today’s price action part of an bullish ascending triangle for wave 4-iii-(3)?  Or is it the alternate count bear flag for wave b-ii-(3).   The first case is the primary count and calls for a wave 5-iii-(3) run up to 1125 to 1128.  The alternate count calls for a c-ii-(3) drop down towards 1097 to 1100.  So which is it?   Shall we flip a coin?  In either case the trend is still higher over the intermediate term.  But to day trade it for tomorrow you have to make the short term decision or just stay in cash.

SP-500 15-min Chart (3:35 pm):

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