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Saturday, June 30, 2012

$SPY: Daily chart with forecast.





IF minuette wave 3 is in place and it seems it, because 136.24 maybe a nice resistance, price is due for a retracement as a minuette wave 4 with a maximum target of 133.75 as the 50% fibonacci retrace shown in the chart. After this resistance is in place, minuette wave 5 up should start with a maximum target of 140 or a kiss to the orange line (HS neckline)

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