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June 14th, 2010: Update 5 – EOD

Posted by pugsma on June 14, 2010

4:56pm EST:  As I was telling my premium subscribers the 1092 to 1097 gap up this morning “must” stay open if this is really a wave iii-(3) move up.  Obviously it did not and the SP-500 closed at 1089 after touching resistance at 1106 this morning.  Based on this I have re-labeled the move from 1042 to 1106 as wave (1)-3-[1]-P3 for the primary count.  I’m looking for a pull-back of between 38% (1082) and 50% (1074) for wave (2).  The 1074 area is right at the Oct 09 to May 10 support line (shown in yellow) on the 60-min chart, so that is good target.  A pull-back to the 1074 area would make a nice right shoulder on a larger inverse head and shoulders with a neckline at 1106 and a target of 1170.  This is a very similar set-up to the Feb 5th to April 25th bull run.  Let’s see if lightning will strike twice.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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