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July 8th, 2011: Update 1 – Morning

Posted by pugsma on July 8, 2011

11:45 am EST:  Here is a closer look at the 5-min chart for the primary count.  Either a contracting trinagle to stay above 1331/1334 for the (a) wave or a Zig-Zag down to the 1321 area for minor 4 are possible outcomes.

SP-500 5-min chart (11:40 am):

11:10 am EST:  Looking at things objectively again, I think the following two scenarios are the best interupation of the price action based on the 15-min chart below.

Primary count (white):  minor 4 of [1]-P5 underway

  • First target 1331 to 1334 (23% retrace and minute (4) of minor 3 low).
  • Second target 1315 to 1321 (38% retrace and lower light blue channel edge and pivot support).

Alternate count (blue):  Major [2]-P5 retrace underway.

  • First target 1307 (50% retrace of major [1]-P5 and 1303 pivot support)
  • Second target 1295 (62% retrace of major [1]-P5 and 1291 pivot support)

SP-500 15-min chart (11:08 am):

 

9:50 am EST:  Primary count (white) keeps it’s impressive streak alive with the gap down opening on a bad June Jobs Report.  Primary count has this correction as a minor 4 of major [1]-P5.  The first target is 1334 or a 23% retrace of minor 3.   It could play out as a contracting triangle over the next 2 to 3 days with today’s low being the (a) of minor 4.

The alternate count (blue) has been revised to show 1356 as the end of major [1]-P5, which occurred at the minor 5 = 0.62*minor 1 target of 1355.  This correction would be the start of major [2]-P5 which should target the 1315 to 1303 pivot support area.    The 38% retrace target is 1319 and the 50% retrace target is 1307.

SP-500 5-min chart (9:45 am):

SP-500 15-min chart (9:45 am):

SP-500 60-min chart (10:00 am):

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