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June 15th, 2010: Update 4 – EOD

Posted by pugsma on June 15, 2010

5:17pm EST:  As I was telling the premium subscribers today, if we broke above 1108 look for a 1115 close.   My thinking after today is that my original inverse head and shoulders target of 1115 to 1120 was correct.   And that this entire move up from 1042 to 1115 is wave (1)-3-[1]-P3 of the primary count.   This wave (1) may want to close the gap to 1119 before retreating in wave (2) back down.  I’m now looking for at least a 38% retrace to 1087 or 50% retrace to 1078 for wave (2)  by the end of this week for OPEX.   After the wave (3) pull-back, I’m forcasting 1170 for wave (3) and ultimately above 1220 for 3-[1-]-P3.  For my 1st alternate count, I believe we have just finished wave iii-(3)-A-[B]-P2.   After a shallow wave-iv-(3) retracte to about 1105, the wave (3) should race towards 1130.  And I have the the A-[B]-P2 completion near 1150.    So the 1st altenate gets to 1150 in the next week or so with very little pull-back.  The bigger pull-back will occur in wave B-[B]-P2 down to 1115 before the C-[B]-P2 completes near 1220.  Then [C]-P2 for the flat for P2 retraces back to 1040 this fall.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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