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June 22nd, 2010: Update 4 – Intra-day – Afternoon

Posted by pugsma on June 22, 2010

2:55pm EST:  There is the drop to the 1100 area I was anticipating after the back-test of the 1120 area this morning and bear flag formation.   1100 is a 38% retrace target.  However, c=a => 1095 and the 50% retrace target is 1091.  At 1091 there is additional support.   So the drop down may not be finished at 1100.  Below 1091, I would be concerned that something more aggressive is happening than a wave (4).  Let’s see how it closes from here.

SP-500 15-min Chart (2:50pm):

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