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Aug 3rd, 2010: Update 2 – Afternoon

Posted by pugsma on August 3, 2010

1:55 pm EST:  Looks like a wave iv symmetrical triangle.  Target is 1138.   Of course a triangle like this can fail and the bottom could drop out for a c-leg down of wave iv.  The down targets for the c-leg of wave iv would be 1114 if c=a or 1107 if c=1.62a.   The 2nd target is interesting since it’s at the key 1102 to 1107 gap support area.

SP-500 15-min chart (1:50 pm):

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