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June 16th, 2010: Update 4 – EOD

Posted by pugsma on June 16, 2010

5:01pm EST:  The gap down from 1119 to 1106 is now closed.  There is a potential bearish rising wedge formation that is complete or nearly complete.  I believe wave (1)-3-[1]-P3 is complete.  I’m looking for a retrace back to the 1080 to 1090 area for wave (2) of the primary count over the next couple of days.  Alternately, the rising wedge could just keep right on going up to the 1130/1150 area for the completion of A-[B]-P2 over the next week.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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