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July 28th, 2011: Update 1 – Morning

Posted by pugsma on July 28, 2011

11:40 am EST:  Everything is right on schedule this AM.  Primary count (white) bottomed at 1303.49 yesterday and is moving up in a minute (1) of minor 3 of [3]-P5 wave.  First alternate (blue) is moving up in a minute (4) of minor C of [2]-P5.   The targets for (4) where 1313 (23%) and 1319 (38%), and so far 1315.76 has been hit.  The 1315 pivot area resistance is the key area to clear to separate the counts.  A decisive move up and close above 1315 today would be a very good start for the primary count.  The 1st alternate count should fail here near the 1315 pivot and fall back toward the 1291 pivot area the next few days in a wave (5) of minor C-[2]-P5.

FYI, I will not discuss the 2nd alternate (red) count on a daily basis unless 1287 is breached to the downside.

SP-500 5-min chart (11:30 am):

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