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June 9th, 2010: Update 4 – Intra-day Afternoon

Posted by pugsma on June 9, 2010

3:45pm EST:  The bears pushed the SP-500 back below 1060, as I thought they might try to do.  So far 1055 is a 62% retrace of the move from 1042 to 1077.  So it holds around here are even a 78% retrace to 1050, then we could have put in a wave i and ii of (3)-1-[1]-P3 for primary count or wave (3)-A-[B]-P2 for 1st alternate count.  The key area to break to the upside is still the pink down channel line around 1180 at the end of today and in the 1070/75 area tomorrow.  For the 2nd alternate count, interesting the 1077 high today was just a bit over a 50% retrace of the drop from 1106 to 1042.  So, I will also call this a wave i and ii of (5)-[A]-P2.  Thus, we are beginning a wave iii-(5) that woould carry below 1040.78 if the 2nd alternate count is correct.  The final target for this 2nd altnerate count is 1010.

SP-500 15-min Chart (3:35pm):

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