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June 20th, 2011: Update 2 – EOD

Posted by pugsma on June 20, 2011

5:15 pm EST:   The primary count (white) is that minuette degree waves i-ii of (3) of minor 1-[1]-P5 were put in today.  I’m expecting minute (3) to reach the 1303 pivot and minor 1 to reach the 1315 pivot. 

Once you bust a wedge, you must always look next to the potential channel.  In this case the bullish falling wedge was busted today, so now we must revise the alternate count (blue) to make use of a new parallel falling channel.  The alternate count (blue) is looking a minor 4-[C]-P4 to complete near the 1289 area where (c)=(a).  From there a move down to to the 1230 to 1233 area, where minor 5=1 should follow.

The key level to watch for the two counts is the 1291 pivot.  A close back above the 1291 pivot, would to confirm the primary count.

Support is at the 1257 pivot.  Resistance is at 1280 and then 1291 and 1303 pivots.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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