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June 8th, 2010: Update 6 – EOD – Hammer Time

Posted by pugsma on June 8, 2010

5:45pm EST:  Contracting triangle pattern on the QQQQ’s setting up to bust a bullish move towards 54 target. 

QQQQ Daily Candles (EOD):

4:30pm EST:  With the bears near the goal-line (1040.78)  the bulls sent an all-out linebacker and safety run blitz and forced a fumble.  The bulls promptly recorded a first down by moving the ball out beyond their 10 yard line (1050) and closed with another first down just beyond the 20 yard line (1060).  The objective for the bulls tomorrow is to push the ball out to mid-field (1075 to 1085).  Today was just the oppostive of what transpired last Friday morning when the bulls were driving to get past 1105 and fumbled.

For the primary and 1st alternate counts we’ve put in waves i-ii of (3) and are beginning wave iii-(3).   The target for iii-(3) to get back to the 1105 area.  For the 2nd alternate count, this move higher could be wave iv-(5) with a 38% retrace target of 1066.  The key area to watch tomorrow is around the 1075/85 level as it’s were the Oct-May rising support line and the Apr-June falling trendline intersect on the 60-min chart.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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