June 4th, 2012: Update 1 – EOD
Posted by pugsma on June 4, 2012
6:55 pm EST: An important intermediate term (IT) bottom may have been put in today or will be put in the next day or two.
Primary count is that wave (3) of minor 5 of major [A]-P2-C3 bottomed today at 1267. We are now in a wave (4) move up to a 1286-87 target area for a 38% retrace and a wave c=a. From the wave (4) high of 1286, I’m looking for a final wave (5) target at 1264, where (5)=0.62*(1) or 1250, where (5)=(1). A slight alternate (blue) variant of this primary count is that wave (5) of major [A]-P2-C3 ended today at 1267, and wave (a) of major [B]-P2-C3 up has began headed to at least the 1303 pivot. Note that a move above the wave (4) low of 1298.90 will confirm the major [A]-P1-C3 low is in place. I have a target zone of 1336-1343 for major [B]-P1-C3 for a 50% retrace of major [A].
The alternate (red) count is looking for major [1]-PC-C2 to bottom in same area of 1250 to 1267 as the primary count major [A]-P2-C3. That wave [2]-PC-C2 bounce will be comparable t the major [B]-P2-C3 of the primary count. The real separation of the primary vs alternate (red) occurs on the move back down to 1207. The alternate (red) count will break through 1207 during major [3]-PC-C2 and ultimately make a new low below 1075.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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