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July 12th, 2011: Update 2 – EOD

Posted by pugsma on July 12, 2011

4:40 pm EST:   With the break below 1315.62 this afternoon, the primary count (white) is that minor A of major [2]-P5 is still underway and quick move to 1327.17 completed minute (4) of minor A.  The targets for the completion of minor A are 1313, where (5)=0.62*(1) and then 1305, where (5)=(1).  From there minor B should retrace about 50% to the 1330 area.  Ultimately, I have a minor C target of 1295 (62% retrace of major [1]) to 1279 (78% retrace of major [1]).

For the alternate count (blue) minor C of major [2]-P5 is unfolding towards at 1308 target, where C=1.62*A and it will hit the 50% retrace of major [1] target of 1307.  Major [3]-P5 should begin from this area.

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

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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