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July 11th, 2011: Update 1 – Morning

Posted by pugsma on July 11, 2011

10:30 am EST:   Primary count (white) is that minor 4 of major [1]-P5 is playing out as a Zig-Zag, where (c)=(a) at 1322 or the 38% retrace of 1321.  The target for minor 5 of major [1]-P5 is now the 1363 pivot area.

Alternate count (blue) is that major [1]-P5 topped at 1356 and major [2]-P5 is underway.  The targets for major [2] are 1307 and then 1294.

A break through the 1315 pivot support area is the division between the two counts.

SP-500 5-min chart (10:20 am):

 

SP-500 15-min chart (10:20 am):

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