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June 18th, 2012: Update 1 – EOD

Posted by pugsma on June 18, 2012

5:00 pm EST:  Absolutely, no change in the counts since Friday’s EOD update.  See the update 15-min and 60-min charts for details.

Primary count has (3) of minor C of major [B]-P2-C3 ended at 1348 or headed for the 1351 v=i target.  I’m expecting a wave (4) pull-back to 1341 (23% retrace) to 1335 (38% retrace).  Wave 4’s like to retrace to the previous wave 4 of lesser degree so 1335 is the best target.   From the wave (4) low of 1335-41, we should see wave (5) high of 1355-61 to complete major [B]-P2-C3.  From there, major [C]-P2-C3 should fall to 1207-49.

The alternate (blue) count should continue to move higher as minor 3 of major [1]-P2-C3 heads for the 1383 target and major [1] heads for the IHS target of 1403-22.

The alternate (red) count is finishing up major [2]-PC-C2 at 1355-69 and is about to embark on major [3] wave drop to the SPX 1100 area, where [3]=1.62*[1].  Ultimately PC-C2 will reach the 950-1000 area at a minimum.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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