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June 17th, 2010: Update 5- EOD

Posted by pugsma on June 17, 2010

4:13pm EST:  The MM’s sure are holding the bear’s feet to the fire and not letting the SPY drop into OPEX Friday.  Still think the SP-500 is in a possible a-b-c, 3-3-5 flat for wave (2).   The a-leg was the first move down to 1105, b-leg under-way with target of 1117 to 1119.  I’m thinking a c-leg, 5-wave down move begins tomorrow going into Monday for the primary count, with a target of 1090 (38% retrace).  Alternate count as wave iv-(3) complete at 1105 today and wave v-(3) underway with a target of 1130/1140 by early next week.  The fact that the price has maintained the upper half of the up channel is bullish.

SP-500 15-min Chart (EOD):

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