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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