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July 29th, 2010: Update 2 – Morning

Posted by pugsma on July 29, 2010

11:00 am EST:  As a couple people asked in the comments section yesterday, there is  potential of a double Zig-Zag for wave (4).  In which case today’s pop to 1115 would be an X-wave connecting the 1st ABC to 2nd ABC.  The target for this double ZZ would be around 1097.   So that’s an alternate deviation of the primary count that says wave (4) is over and today’s price action is waves i-ii of (5), with gap fill on the wave-ii retrace.  A break below 1103 means the double ZZ wave (4) is in play.     This whole wave down from 1121 still looks corrective with all of the overlapping waves.   It’s forming a nice bull flag.

Also, don’t forget a break below 1089 brings the Alternate count from the EOD update yesterday into play.

SP-500 15-min Chart (10:50 am):

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