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June 15th, 2010: Update 2 – Intra-Day Morning

Posted by pugsma on June 15, 2010

10:05am  EST:  Looks like we have hit the b-leg high of 1101 this morning and will be heading down in the c-leg to about 1082 (38% retrace) for wave (2).  However, I have drawn in the new middle channel line that has been acting as strong support since the 1051 low.  If the SP-500 can stay above this mid-channel line, then my original labeling of 1077 as wave (1) and 1051 as wave (2) maybe correct after all.  This would mean that we are in wave iii-(3) and the SP-500 will blast through 1106 and 1115 resistance in the next couple of days.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=804c9a53-e2dd-4c8d-a9ac-f64d377e93d7

SP-500 15-min Chart (10:00am):

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