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July 27th, 2011: Update 1 – Morning

Posted by pugsma on July 27, 2011

11:05 am EST:  Here is the updated 5-min chart with a possible path to 1287 for major [2]-P5 via the 2nd alternate count (red).

SP-500 5-min chart (11:05 am):

10:40 am EST:  Note that the primary and 1st alternate counts remain valid above 1295.92.  However, should 1295.92 fall, here is the updated 15-min chart with the new 2nd alternate count (red)  that would be the last hope for a bullish outcome for P5 making a new high above 1371.  The red count is that we are in the minor C of major [2]-P5 down to the 1287 area, where C=A.

SP-500 15-min chart (10:35 am):

9:55 am EST:  Primary count is playing out well with the (c) leg drop of the 2nd ZZ down to the target zone of 1315 to 1321.   The key here will be watch for the 5-min and 15-min MACD to start to make a turn.

It’s certainly “white knuckle” time for the bullish count of P5 continuing to a new high above 1371.  It’s important that the 1315 holds and the absolute limit for the both bulls count is that the minor 2 of [3]-P5 low of 1296 holds.

SP-500 5-min chart (9:50 am):

SP-500 15-min chart (9:50 am):

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