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June 29th, 2011 – Update 2 – EOD

Posted by pugsma on June 29, 2011

4:30 pm EST:  Oh, what a wonderful 3 days for the bulls who hung there with my primary count!  Even though 1311.80 was not be taken out in the SP-500 cash market today, I’m still eliminating the bearish near term alternate count and replacing it with a slight variant of the bullish intermediate term primary count.  You can keep the old near term bearish alternate count in the back of your head, if you like, as a low probability scenario.

The primary count (white) has wave iii-(3) complete today at 1309.21.  The drop today to 1302.15 was iv-(3) and now wave v-(3) is underway.  The wave v-(3) target is 1320 for v=i or 1323 for (3)=2.62*(1).  There is very tight up channel (light blue) on the 5-min chart to watch for this count.  I’m looking for minor 3-[1]-P5 to reach the 1325 to 1330 area.  And major [1]-P5 to reach the IHS target of 1338.

The new alternate count (blue) is a wave (3) complete today at 1309.21 and now we are looking for an a-b-c for wave (4) down to a target area of 1300 (23% retrace) to 1293 (38% retrace).   The wave (5) of minor 3-[1]-P5 target is about 1313 after the wave (4) completes.  You use the medium blue up channel lines for this altnerate count.

Support is at the 1303 and 1291 pivots.   Resistance is at the 1315 pivot.

Again: Don’t forget to renew you service for Q3 or Q3-Q4 by making Google eStore payment, if you plan to stay on past Thursday, June 30th.  And please complete to this by this evening.  Thanks.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):


SP-500 4-hr Chart (EOD):

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