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July 2nd, 2012: Update – Afternoon/EOD

Posted by pugsma on July 2, 2012

6:15 pm EST:  Here is the updated 15-min chart with some near-term price targets on both counts.  Looks like the 1376 to 1382 range could get hit tomorrow or Thursday.

SP-500 15-min chart (EOD):

5:00 pm EST:   Here is the updated 60-min chart.

SP-500 60-min chart (EOD):

4:10 pm EST:  Here is the updated 4-hr chart.

SP-500 4-hr chart (EOD):

3:20 pm EST: We’ll start of the third quarter of 2012 looking at the big picture daily and weekly charts on the SPX.

With the aggressive move higher on Friday June 29th and the break above 1363 today, the new primary count is the original alternate (blue) count that the P2-C3 bottom occurred in early June at 1267 and P3-C3 up began from that point.  The initial target for P3-C3 is at 1694, there P3=1.23*C3.  The first major [1] wave of P3-C3 has a target area between 1407 and 1422 before we’ll see a significant major [2]-P3-C3 retrace.

The alternate (blue) count becomes the original primary count.  It is still very possible that the major [B]-P2-C3 wave is ongoing as a larger zig-zag off the 1267 early June low, where the move up to 1363 would be minor A, the retrace to 1309 was minor B and the current move up above 1363 is minor C to complete [B].  There are two logical targets for [B] to end.  The first is at 1368, where C=0.62*A and second is at 1405, where C=A.   This morning push up to 1366 came very close to the first target of 1368.   Once [B] is complete, we’ll then have  a major [C]-P2-C3 drop where [C]=[A] that targets either 1207 ot 1249, depending on whether [B] ends at 1368 or 1405.  What is interesting about this alternate (blue) count terminating here near 1368 is that the SPX is fighting with resistance at the 20-week SMA of 1360 and the 1363 pivot.

SP-500 Daily Chart (7-2-12):

SP-500 Weekly Chart (7-2-12):

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