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June 1st, 2010: Update 4 – EOD

Posted by pugsma on June 1, 2010

5:15pm EST:  Surprising weakness into the close with a fall to 1070.   This could still be part of the c-leg wave (2), which has a 62% retrace target of 1065.  A level of 1065 would close the 1065 to 1074 gap left open by the Thurs May 27th run from 1065 to 1103.  Below 1065, I would tend to lean towards a new low below 1041 being set in the near term, which would mean that the 2nd alternate count (in red) is playing out.  On the 60-min chart,  you can see that the 1070 close today parked right on the Oct 2009 to May 2010 support line (in yellow).  So once the again the SP-500 is back at a tippping point.

15-min Chart (EOD):

60-min Chart (EOD):

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