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June 1, 2011: Update 1 – Morning

Posted by pugsma on June 1, 2011

11:30 am EST:  Updated 15-min chart.  We now have a beautifully symmetric IHS (Inverse Head and Shoulders) on the 15-min chart with target of 1376, which works for the primary count.

SP-500 15-min chart (11:27 am):

10:30 am EST:   Primary count (white) shifts back to minor 1 of major [5]-P3 ending at 1344.75 yesterday morning and a flat formed for minor 2 of [5]-P3 which should hold the 1329/1332 support zone (i.e where all the key daily Moving Averages reside).  If it doesn’t hold this support then the market is likely in big trouble the alternate count (red) takes over.

Alternate count (red) has minor C of major [B]-P4 ending at 1345.20 end of day yesterday forming the right should of a massive H&S that formed over the past 3 months.  This drop today has begun the major [C]-P4 leg lower that should drop to some 100 points to about 1245 over the next 4 to 6 weeks.

SP-500 5-min chart (10:20 am):

This entry was posted on June 1, 2011 at 10:30 am and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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