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June 8th, 2012: Update 1 – EOD

Posted by pugsma on June 8, 2012

5:35 pm EST:  Today’s 3-wave drop to 1308 looks to have complete minor B or 2.

The primary count is that minor B ended at 1308 today and minor C of major [B]-P2-C3 is headed up to 1345 (50% retrace) early next week.  There also is a C=0.62*A target at 1346.  From there, major [C]-P2-C3 should make a fresh new low below 1267 at either 1249 (50% retrace of P1-C3) or 1207 (62% retrace of P1-C3).

The alternate (blue) count is that minor 2 of major [1]-P3-C3 ended today at 1308 and the minor 3 wave up to the 1386 pivot area has begun.   Minor 3 = 1.23*Minor 1 at 1384.  The major [1] target is at the IHS target of 1391 up to the old high of 1422.  The IHS has a sloping neckline 1335 to 1329 and a decisive break through of this area should trigger a move to 1391 at a minimum.

Support is at the 1315 pivot and resistance is at 1329 to 1335 (34-day EMA) and then at the falling 50-day SMA of 1356.

Have a great weekend.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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