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June 21st, 2010: Update 2 – Morning Intra-day

Posted by pugsma on June 21, 2010

11:05am EST:  This morning I have not changed the channel lines that have been set-up for the past week or so.  The rise to 1131.23 came very close to hitting the upper channel line.  The upper half of the channel has contained the price action since June 10th.  I have changed the primary count to indicate that we are in wave iii-(3)-3-[1]-P3.  And we are likely in final stages of wave 5-iii-(3) with 1131 being the end of this wave up or maybe we push a little higher to the 1135 area.  For the first alternate count we are completing wave v-(3)-A-[B]-P2 in this same 1131 to 1135 area.  Both the primary and 1st alternate counts should produce a pull-back to test the break-out above 1120 before heading higher into the 1150 to 1170 area.  Continued price action the upper half of the channel means 1150 is likely or the next few days.   The reaction at the 1150 area going to be the next key level to watch.  The 1st and 2nd alternate counts should produce a significant pull-back towards 1105 after 1150.   The primary count should not see a significant pull-back until 1170 is reached and then the pull-back would only be to 1140/1150.   I have down-graded the inverse head and shoulders neckline to 1105 and the target to 1170.

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=f904e312-8e34-45c0-ad50-df609d7ed2d2

SP-500 15-min Chart (9:45am):

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