June 13th, 2012: Update 1 – EOD
Posted by pugsma on June 13, 2012
6:05 pm EST: We have yet to have the capitulation bottom on high volume for this corrective move down off the April 1422 high. In both the summer of 2010 and 2011 we had a high volume capitulation bottom after the initial low. I think it’s coming sooner rather than later. See the updated charts below.
For the primary count I have wave minor 3 of major [C]-P2-C3 beginning from the minor 2 wave high of 1327 today. I’m looking for minor 3 to reach the 1257 pivot area where minor 3 = 2.62*minor 1 something early next week. The final target for [C]-P2-C3 could the 50% retrace of 1249 or even the 62% retrace of 1207.
For the alternate (blue) count, it looks like minor 2 of major [1]-P3-C3 has some more down to go. I have a target at 1299 where (c)=(a). From there minor 3 should explode higher toward the 1386 pivot where minor 3 = 1.62*minor 1. The final target for [1]-P3-C3 is the IHS target of 1403 to 1422.
Support is at the 1303 and 1291 pivots. Resistance is at the 1315 pivot and then the 1330 area of the falling 34-day EMA.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.