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June 2nd, 2010: Update 4 – EOD

Posted by pugsma on June 2, 2010

5:20pm EST:  I forgot to mention, to watch the 1088 area on any pull-back as this would be the wave-iv into wave-i violation for this current wave (3) up.  Also, staying above the 1090 IHS neckline is key.

4:50pm EST:  With the late day run to 1099 , it looks like we are in wave iii-(3)-1-[1]-P3 of the primary count or wave iii-(3)-A-[B]-P2 or the 1st alternate count (purple).   Both counts are targeting the 1120/1130 area for wave (3) completion and the 1140 to 1150 area for wave (5) completion.  There is some heavy resistance in the 1105 to 1115 band, so this wave iii-(3) is going to need some legs over the next 2 to 3 days to get through that area.  The 2nd alternate count has been revised to a wave (4)-[A]-P2 triangle with a wave (5)-[A]-P2 targeting levels under 1040 once the triangle completes over the next 2 days.  As always,  my primary count is the most favored in terms of probability, followed by the 1st alternate and finally the 2nd alternate.  Both the primary and 1st alternate are pointing to more upward price action over then near and intermediate term.  And the 2nd alternate is point to more downward movement over the near term, but upward movement in the intermediate term.  So the intermediate term trend is up by all three of my counts.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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