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June 21st, 2011: Update 1 – Monring

Posted by pugsma on June 21, 2011

2:15 pm EST:  Looking to see if the wave iv-(3) retrace holds the 1291 pivot.  If it does, then v=i at 1303, which matches the (3)=1.62*(1) target.

SP-500 5-min chart (2:08 pm):

12:25 pm EST:  Here is an update on the Big Picture Daily Chart with some projects for P5 in price and time.

  • P1: 667 to 1220 (553 points) over about 3 months.
  • P2: Low at 1011
  • P3: 1011 to 1344  (333 points).  Note: P2 + 0.62*P1=> 1354  and t(P3)=0.62*t(P1) => 8 months
  • P4 : Low at 1258
  • P5:  P4 + 0.62*P3 => 1464 and t(P5)=.62*t(P3) => 5 months (or mid-Nov 2011).

SP-500 Daily Chart (12:19 am):

10:20 am EST:  Updated 15-min chart.  We’ve now hit the alternate count (blue) target of 1289.

We are looking for two things today for the bullish primary count: 1) a close above the 13-day EMA of 1284.80 and 2) a close above the 1291 pivot.  Step 1) would be a good start and step 2) would be gravy.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=44932466-2424-4e20-9b56-7327508e95e1

SP-500 15-min chart (10:16 am):

10:05 am EST:    For the primary count (white), the wave iii-(3) target is 1296, where iii=1.62*i.  And the wave (3) target is 1303, where (3)=1.62*(1).

For the alternate count (blue), the minor 4-[C] target is 1289, where (c)=(a).

SP-500 5-min chart (10:01 am):

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