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Aug 4th, 2010: Update 5 – EOD

Posted by pugsma on August 4, 2010

4:55 pm EST:  Nothing new to report after the close that I didn’t cover during the previous updates today.  Primary count is that wave 1-(3)-3-[1]-P3 is fininshing up here at 1131 and a wave 2-(3) correction down to the 1102 to 1107 gap  area will follow.    Alternate count is that wave (5)-1-[1]-P3 is about to complete here at 1131 and a large wave 2-[1]-P3 correction down to 1055 to 1069 will follow.

With the triple negative divergence between the MACD and price on the 60-min chart and the bearish rising wedge, the SP-500 is in an idea position to “sell the news” after the Friday Jobs Report.  Just how much selling and were it stops will determine which count is correct.   The wild card would be if the market “bought the news” and continued much higher after Friday’s Jobs Report.  That would certainly be a surprise and would break up the bearish rising wedge further comfirming the primary count.

SP-500 15-min Chart (EOD):

SP500 60-min Chart (EOD):

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