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June 7th, 2010: Update 5 – EOD

Posted by pugsma on June 7, 2010

7:08pm EST:  The close at 1050 puts both the primary and 1st alernate counts in jeopardy.  The 3-3-5 flat for wave (2) is still in play and the C=1.62A target of 1053 has been reached.  But a drop below 1040.78 eliminates both counts and results in 5-wave move off the April 1220 high.  This new low below 1040.78 would be the [A]-P2 leg of the 2nd alternate count, which is a A-B-C, Zig-Zag with a leading diagonal in the [A]-leg position.   The result of this change would likely be elimination of a potential new high above 1220 until after a much deeper correction down to 943 (50%) or 876 (62%).  The [A]-P2 should touch the 1010 to 1030 area in June and the [B]-P2 leg up could reach the 1150 to 1170 area by August.   And finally the [C]-P2 down could reach 943 (50% retrace of P1) to 876 (62% retrace of P1) by the fall (October).   In both cases the 1220 level in April would likely be the high for 2010.  So it’s critical for the bulls to defend the 1040.78 low tomorrow and the rest of this week, if a new high above 1220 is going to be acheived in 2010.

15-min Chart (EOD):

60-min Chart (EOD):

5:20pm EST:  Dr Copper set a new low at  $2.79 today, but there are positive divergences on the RSI, MACD and Full STO.  So if we get a bounce in the price of Copper near-term it could signal a coming market trend change.

PUG Copper Daily Candles (EOD):

4:37pm EST:  I will update the SP-500 charts later, but here is quick look at the SPYdaily candle chart.  Looks like a test of 104 support is coming and maybe a dip to 102.   This would correspond with a SP-500 drop to 1015 to 1035 area.   The volume is decreasing with each push lower.  Also, there is a good chance that a postive divergence will set-up betwee the RSI, MACD, and Full STO indicators and price on the next new low below 104.

SPY Daily Candles (EOD):

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