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June 21st, 2011: Update 2 – EOD

Posted by pugsma on June 21, 2011

4:20 pm EST:  Wow, what a day !   It was likely the P5 “day of recognition” by the masses.

Primary count (white) was right on the money with the wave iii-(3) hit at 1296, where iii=1.62*i.  The wave iv-(3) pull-back held the 1291 pivot support at 1292 and the wave v-(3) target is 1303/1305, where (3)=1.62*(1) and v=i respectively.  The minor 1-[1]-P5 target remains at the 1315 pivot area.  From this 1315 area, we should see a minor 2-[1]-P5 retrace to at least test the 1291 pivot area or a little lower (see the 15-min chart).

For the alternate count (blue), the SP-500 blew past the first target of 1289 for minor 4-[C]-4, where (c)=(a) and also busted the upper down channel line.  The final target is at 1303, where (c)=1.62*(a) and the alternate count is dead with an intra-day trade above the minor 1-[C]-P4 low of 1311.80.  Note that with the minor 4 rise to 1298 today, the minor 5=1 low has been raised to 1239 and could move higher to 1244, if minor 4 moves up to 1303.

Support is at the 1291 pivot and then the 13-day EMA of 1386.  Resistance is at the 1303 and 1315 pivots.

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SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

 

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