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June 22nd, 2010: Update 5 – EOD

Posted by pugsma on June 22, 2010

4:53pm EST:  Today’s SP-500 price action went just as predicted with the 1120 area stopping the b-leg up and then the c-leg drop to just between the 1091 (50% retrace) and 1100 (38% retrace) targets.  Also, wave c=a => 1095, so this wave down could be over at the end of today.  If not, then look for the 1088/1090 area as the next support.  Any drop below 1088 would be very damaging to the bull case.  However,  I’m looking for this support to hold and then a move higher towards the 1150 to 1170 area over the 2 to 3 weeks for both the primary and altenate counts. 

We did close slightly below the SP-500 13-day EMA of 1100, but on the DOW-30 and Nasdaq the close was right at or above the 13-day EMA.  So tomorrow set-ups as key day to see if these support levels hold.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

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