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June 9th, 2010: Update 2 – Intra-Day Morning.

Posted by pugsma on June 9, 2010

9:58am EST:  The 1069 neckline area was tested as expected and there has been a slight pull-back to 1065.   If the inverse head and shoulders is to play out, then we’ll need to build a small left shoulder above the wave i-(3) high of 1057, before breaking the 1070 neckline and challenging the pink down channel line at the 1080 area.  For the primary count we are in wave iii-(3) with a target of 1100/1105.   Just keep in mind that a failure at either 1070 or 1080 could lead to a rapid reversal and potentially a drop to levels below 1040.78 in the 2nd alternate count.  So as I said yesterday this 1070/80 area is going to be battle zone today.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=3a03750d-4b27-4447-b68a-738dda466a52

SP-500 15-min Chart (9:50am):

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