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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