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It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. Henry Ford


Those who surrender freedom for security will not have, nor do they deserve, either one. Benjamin Franklin
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The idea that you know what is true is dangerous, for it keeps you imprisoned in the mind. It is when you do not know, that you are free to investigate. ~ Nisargadatta Maharaj

Saturday 16 June 2012

SPY


The biq question for me looking at this chart is whether we get an end of month high or low.We rallied 6 months (180 degrees) from the March low so the 90 degrees from the top (50% time retracement)  is clearly an important date ,especially as it comes in solstice week.My feeling is it should be a low,perhaps retesting the downward sloping t/l. and completing a minor 5th wave down from the 1415 LH
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1 comment:

  1. tigerjim18 June 2012 at 18:05

    I agree - based on this and some of your other charts that the end of of the month will be a turning point - hard to imagine SPY getting back down to about 127 to that long trend line from the May 1 HI when the current short term trend seems to be up - will be interesting

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