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June 20th, 2011: Update 1 – Morning

Posted by pugsma on June 20, 2011

10:45 am EST:  Here is the update 15-min chart.  Price is starting to poke it’s head above the bullish falling wedge channel line (purple).

SP-500 15-min chart (10:42 am):

10:00 am EST: The test to 1267.56 this morning held the up-channel (blue) lower support.   The primary count (white) looks pretty good here this morning, assuming it can break out the bullish falling wedge trend-line (purple) above about the 1273/1275 area.   Primary count remains valid unless the 1258.07 low is taken out.

The alternate count (blue) should see prices collapse today after a test at the upper falling wedge resistance of 1273/1275.

SP-500 5-min chart (9:50 am):

 

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