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June 4th, 2010: Update 5 – Intra-Day Afternoon

Posted by pugsma on June 4, 2010

2:04pm EST:  The wave (2) A-B-C 3-3-5 flat is ony bullish option left to hold the 1041 low.  The C-leg would be a five wave move down with targets of 1073 C=A or 1053 C=1.62A.  Obviously, we have already hit the 1073 target this afternoon, so the 1053 target could be in play.   Closing the gap from 1065 to 1074 is a very attractive target at this point.  I suspect an attempt to close it will be made late today.  Also, I suspect that the correct inverse head and shoulders neck-line is the upward sloping yellow line on my latest 15-min chart. Breaking the 1105 area of the neckline next week is the key to any potential bullishness next week.

15-min chart real-time link: http://www.freestockcharts.com?emailChartID=06d6ef20-5031-4f74-b19f-ea1b3ef0791b

SP-500 15-min Chart (2:00pm):

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