July 22nd, 2011: Update 2 – EOD
Posted by pugsma on July 22, 2011
4:40 pm EST: Primary count is that wave (4) ended at 1337 this morning and wave (5) of minor 1 of major [3]-P5. It looks like wave i-ii were put in this afternoon and wave iii should produce a nice pop higher on Monday. The wave (5) targets are 1352, where (5)=0.62*(1) and 1361 where (5)=(1). After minor 1 of [3]-P5 completes, we’ll be looking for a 50% to 62% retrace for minor 2 before a wave 3-[3]-P5 blast off to new recovery highs above 1371.
As an alternate count (blue), given the bear cross on the MACD oscillators on the 5, 15 and 60-min charts, it very possible that minor 1-[3]-P5 already peaked yesterday at 1347 and minor 2 down is underway today. The two target for minor 2 or 1315 (62% retrace of minor 1) and 1322 (50% retrace of minor 1). This count should see a gap down on Monday morning in the (c) wave of minor 2 lower.
Support is at 1338, 1330 and then the 1315 pivot. Resistance is at 1346 and then the 1363 pivot.
Have a nice weekend and stay cool.
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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