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July 7th, 2011: Update 1 – Morning

Posted by pugsma on July 7, 2011

10:55 am EST:  Primary count is that wave (5) of minor 3-[1]-P5 is finishing up today.  I have recalculated the (5)=(1) target and the correct value is 1352.  So far this morning the market as hit 1352.32.  From this area, I’m looking for a minor 4 correction of about 23% down to 1332.   This would be consistent with the minor wave 4 retracting to the wave (4) of lesser degree (1331).

The alternate count (blue) is actually more immediately bullish.  The first minor 5 of [1]-P5 target is a 1355, where M5=0.62*M1.  The next minor 5 target is 1371, where M5=M1.  So if the SP-500 continues to push up to 1355 and then the 1363/1372 pivot area, this alternate count is correct.

SP-500 5-min chart (10:45 am):

SP-500 15-min chart (10:45 am):

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