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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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