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Aug 19th, 2010: Update 4 – Mid-day

Posted by pugsma on August 19, 2010

12:55 pm EST:  Looks like 1069.49 low from Monday held for now, as it hit 1070.66 and bounced.  However, I have given up on the primary count, removed it and replaced it with the alternate count that was in blue.  I’m thinking 1070.66 was the end of wave iii-(c)-2-[1]-P3 and we are going to get a wave iv-(c) into OPEX Friday.  My targets for the completion of this wave are still 1056 and then 1036.  Wave (c)=(a) at 1040.  Remember if wave 1-[1]-P3 was a leading diagonal as I have it labeled, this  wave 2-[1]-P3 should retrace to between 62% (1056) and 78% (1037).  So, this deep retrace for is consistant with the leading diagonal.  This primary count keeps the P2 low of 1011 intact, and we will go up strong in wave 3-[1]-P3 after this next low is made.

The only alternate count is the original count in red that targets this same 1057 to 1036 area for awave (1)-3-[C]-P2.   I think (5)-3-[C]-P2 will ultimately target the head and shoulders target area of 985 to 995.  And wave 5-[C]-P2 is target at 950 an the 50% retrace of P1, plus the [C]=[A] target.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=fe617f1f-442f-4acd-bd8f-49f3dc1ab62a

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=f50c50ce-71e2-4635-80d9-f3380900be3a

SP-500 15-min chart (12:50 pm):

SP-500 60-min chart (12:50 pm):

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