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July 1st, 2011: Update 1 – EOD

Posted by pugsma on July 1, 2011

5:55 pm EST:  What a week to be a bull and to trade the primary count.  The SP-500 gained 72 points or 5.6%.    I booked my long trade profits this morning at around 1333 off a 1270 area buy from last Friday without the access to my charts.  After reviewing my charts tonight, it looks like I might have left some money on the table for this major [1]-P5 wave.

The primary count (white) is that wave (3) of minor 3-[1]-P5 completed late today at 1341.  The 5-min chart shows a near perfect impulse channel with 3 perfectly 5-wave sub-divisions for wave i-iii-v’s of wave (3) off the wave (2) low of 1267.  I’m looking for a wave (4) pull back to about 1324 or 23%.   However, again the wave 4’s in this move have been very shallow and it might be much less than this.  From there I think minor 3-[1]-P5 will complete at about 1345, where (5)=(1).   Minor 4 should retrace about 23% to 1326 and minor 5 could reach the 1363 pivot area, where minor 5=1.  So the next week there might be some up and down between about 1325 and 1345 before heading for the 1363 pivot to complete major [1]-P5.  I think major [2]-P5 will be at least a 50% to 62% retrace of major [1] to the 1291 to 1315 pivot area, probably caused by the uncertainty of the US Debt Ceiling debate in Washington DC in late July to early August.

Support is at the 1315 pivot and resistance is at the 1363 pivot.

Have a great 4th of July Holiday weekend!   I will talk to everyone on Tuesday July 5th, when the USA markets open for trading next.

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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