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June 9th, 2010: Update 5 – EOD

Posted by pugsma on June 9, 2010

4:45pm EST:  The move up today from 1042 to 1077 was just over a 50% retrace of the drop from 1106 to 1041.  And the drop from 1077 to 1052 today is just over a 62% retrace of the move from 1042 to 1077.  So in both cases we have a likely wave i and ii move.    So what comes next in both cases is a wave iii move.  For the primary count and 1st alternate the next move would be an agressive move up in wave iii-(3)-1-[1]-P3 and wave iii-(3)-A-[B]-P2, respectively.  We need to watch the key area of 1075/1080 for a break above the pink down channel line, which would indicate a trend change to the upside.   The target for wave iii-(3) up is 1100/1105 and for wave (3) around 1130.  For the 2nd alernate count the next move would be an agressive move down in wave iii-(5)-[A]-P2.  That target for iii-(5) down is around 1020/1030 and for (5) it’s 1010.  This down move would slice through the 1040.78 low from May 25th.

So, the point being is that we are about to get resolution on the markets next big move, mostly likey tomorrow or Friday.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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