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May 23rd, 2012: Update 1 – Afternoon

Posted by pugsma on May 23, 2012

2:00 pm EST: Here is a quick update on the 60-min chart before the EOD.  For the primary count the drop to 1296 today is minute (3) of minor 5 of major [C]-P2-C3.   The bounce this afternoon is minute (4) and it must remain below the minute (1) low of 1319 to remain valid.   After minute (4) completes, there will be minute (5) wave that targets the 1284 to 1292 area to complete P2-C3.  For the 1st and 2nd alternate counts, the 1296 low today was wave (b) of minor 4 of major [A]-P2-C3 and major [1]-PC-C2, respectively.  I’m now expecting a (c) wave move to 1333 where (c)=(a) to buy more time for this minor 4 wave to complete.  Also, minor 4 could turn into a contracting triangle between 1292 and 1328 in order to buy more time as well.  In this case the (c) wave up just began this afternoon headed for about 1320, with a (d) down and (e) to follow to complete minor 4.   The minor 5 targers remains near 1274.

SP-500 60-min chart (2:51 pm EST):

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