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Aug 6th, 2010: Update 4 – EOD

Posted by pugsma on August 6, 2010

8:25 pm EST: Here is the updated 15-min chart EOD.  The primary count is that the SP-500 is now in wave 3-(3)-3-[1]-P3 up that began from the wave 2-(3) correction down at 1107 today.  Holding above the “gap or recognition” area of 1102 to 1107 was a big event today.  And even more important holding above the long standing channel line.

 I will keep the alternate count alive until the 1131 level is taken decisively.  I which case today’s drop was wave A-2-[1]-P3 and the rebound in the afternoon was B-2-[1]-P3.  The conclusion would be a big drop down to 1055 to 1069 in a large C-2-[1]-P3 conrrection.  I don’t think the alternate has much chance now that we closed back above key 200-day SMA support at 1115.

Have great weekend !!!

SP-500 15-min chart (EOD):

4:40 pm EST: Well I’m about 30 miles outside St Louis in our 3 car moving caravan (moving my oldest daughter into her appartment for Law School; yes she’s much smarter than her father), so I’ll post this quick EOD update without charts (they’ll come late tonight or tomorrow).

The “gap of recognition” at 1107 held and the primary count is still on track. It’s a beautiful thing to watch channels and waves track like this. Dr Copper again showed that selloff in stocks was only a ciorrection and not a turn down. Onward and upward.

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