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June 27th, 2012: Update 1 – EOD

Posted by pugsma on June 27, 2012

9:10 pm EST:  Just a brief update tonight, I’m beat from being out in 90+ degree Chicago heat for 12 hours watching high school football.  Nothing really has changed with today’s price action.  The primary count is that minor 2 of major [C]-P2-C3 is unfolding and causing doubt as is the function of all wave 2’s.   The typical wave 2 retraces are 50% and 62%, which in this case are 1336 and 1342.  Since neither of those two levels have been hit yet, this move up is still very much in the mode of a typical minor 2.  And of course the limit of this primary count is at 1363.  The alternate (blue) count would gain some momentum with a move above the 1336 resistance.  The alternate (blue) count is that a wave (3) of minor 3 of major [1]-P3-C3 is unfolding towards a target of 1400, where (3)=1.62*(1).  So I’d expect the move higher to begin to accelerate up above the 50-day  SMA (1341) very quickly if this alternate (blue) count is correct.

I’ll update the charts tomorrow morning after a good night’s rest.

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