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July 11th, 2011: Update 2 – EOD

Posted by pugsma on July 11, 2011

4:40 pm EST:  The alternate count becomes the primary count today with the continued SP-500 sell-off to 1316.41.

The primary count (white) is that minor A of major [2]-P5 completed today at 1316.42 right at near 11315 pivot support.  I’m looking for a minor B wave move up to about 1336 or a 50% retrace of minor A, before a second 24 to 40 point drop to 1311 to 1296 for minor C of major [2]-P2, where C=0.62*A and C=A respectively.    The two targets for the completion of major [2]-P5 agree closely with 1307 (50% retrace of major [1]) and 1295 (62% retrace of major [1]).

Once major [2]-P5 completes, I’m looking for major [3]-P5 to break the large Inverse Head and Shoulders neck-line at 1356 and move much higher for a Primary Wave 5 (P5) completion target area of 1440 to 1460 (see the 4-hr chart).

Support is at the 1315, 1303 and 1291 pivots.  Resistance is at 1334/1336 area and then the 1362 pivot.

 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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