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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)

$SPY: Daily and hourly charts, EW count and forecast.

Bullish sentiment on SPY, up to the 139/140 area as a minor wave 2, where the orange HS neckline will be a big resistance for a pullback. We have some resistance at the EOD area, so, maybe a retrace on monday, as a minuette wave 4 that can´t surpass the minuette wave 1 territory to respect the third EW rule.
We will enjoy our visit to the beautiful Philadelphia.

$BAC: Daily and hourly EW count and forecast.

Daily chart.

Hourly chart.

We continue bullish with BAC. Maybe some resistance ahead on monday(watch hourly chart) but we have a probably next target of 9.15, for this wave 5 of c or something else, IF price surpass the second resistance line at 8.40. Cheers from Philadelphia!