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July 29th, 2010: Update 4 – Afternoon

Posted by pugsma on July 29, 2010

1:50 pm EST:  I really don’t like this deep 50% retrace to 1093 for wave (4)-3-[1] of the primary count.  A wave (4) should not go this deep, particularly within a wave 3 move up.  If this wave up continues and any pull-back holds the 1093 low of this morning, then the best interpertation of the primary count we have been tracking is this:   Wave i-(3)-3-[1] end at 1121 and today’s precise 50% retrace of wave i-(3) was wave ii-(3).  This means that wave iii-(3) began today.  And this means that targets above 1120 are in the near term future.  I’ll update the charts accoringly at EOD if we stay above 1093.  Note that this change to the primary count would eliminate the need for the alternate count, as the wave ii-(3) could retrace all the way down to the wave (2) low of 1065 without a violation.  So even if we head below 1089, but stayabove 1065 the count s valid.  So I really like this change in the primary count, as it satisfies many critieria, including the hold the key moving averages.

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