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June 23rd, 2011: Update 1 – Morning

Posted by pugsma on June 23, 2011

3:45 pm EST:  Here is a preview my preferred counts on the 5-min chart going into the close.

SP-500 5-min chart (3:41 pm):

12:25 pm EST: Updated 15-min chart.

SP-500 15-min chart (12:17 pm):

10:35 am EST:  With the drop below 1279.82 at the open, the primary count (white) has minor 1-[1]-P5 finished at 1298.61.   The two deep retrace fibs for minor 2-[1]-P5, I’m watching at 78.6% (1266) and 88.6% (1262).  So far the drop has hit 1264.43.  A move below 1258.07 will invalidate the primary count.  Note: we have seen this type of deep minor 2 retrace at both the 1040 low (Aug 2010) and 1173 low (Nov 2010). 

The alternate count (blue) has minor 4-[C]-P4 complete at 1298.61.   The drop today is a wave iii-(3) of minor 5-[C].  Minute (3) of minor 5 should take out the 1258.07 low.   And the final minor 5 target is 1239, where minor 5 = minor 1 (i.e. a 59 point drop from 1298).

SP-500 5-min chart (10:30 am):

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