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June 8th, 2010: Update 3 – Intra-Day Morning

Posted by pugsma on June 8, 2010

11:00am EST:  Could be the ending diagonal pattern (i.e. bullish falling wedge) for wave v-(2) of the flat has played out.  The SP-500 has had a nice bounce off the 1042.22 low and is trading back near unchanged at 1048.  I’m looking for follow-thru to a target area of 1069, if this bullish falling wedge pattern plays out.  At that area, things will get very interesting as the SP-500 will be approaching the down trendline of the much larger diagonal triangle (bullish falling wedge) off the 1220 April high.  A break through of the 1070 to 1080 over the next couple days would signal an intermediate trend change.   Of course we are not out of the woods yet and have to keep watching for a break-down below 1040.78 that would signal a drop towards 1010 is underway.

SP-500 EST Futures (10:58am):

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