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June 7th, 2010: Update 2 – Morning Intra-Day

Posted by pugsma on June 7, 2010

10:02am EST:  SP-500 held the 1060 low from Friday thus far.  But remember, that I have a C=1.62A target of 1053 for the 3-3-5 flat for wave (2), so it could test a bit lower before going higher in wave (3) in the primary or 1st alternate counts.  I have drawn in the 2nd alternate count in red on the 15-min chart.  The key to watch here is the upper (pink) trend-line of the diagonal triangle., which is at 1090 this morning and will be at 1085 at the end of today.  This line has contained the upward price movemnet since the April 1220 high.  So breaking through this area on the way to the 1105/10 resistance would signal that the primary or 1st alternate counts are correct.  Another failure at this line would mean that we could be headed down under 1041 to the 1010 target area.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2f21778a-0f13-4700-8509-698e579de612

SP-500 15-min Chart (10:00am):

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