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July 5th, 2012: Update 1 – EOD

Posted by pugsma on July 5, 2012

5:10 pm EST:  Per the primary count and as predicted on July 3rd, today was the start of the wave (4) of minor 3 of major [1]-P3-C3 correction down to the first target area of 1361(23% retrace) to 1351 (38% retrace).   Wave (4) either completed at 1363 today (i.e. a potential i-ii of (5) count at the close today) or maybe forming a flat correction with a re-test of 1363 support tomorrow.   The wave (4) must hold above the wave (1) high of 1334 to remain valid.  The initial wave (5) target will at (5)=(1) => 1388.  But here is also a higher target at 1405, where minor 3=1.

The alternate (blue) count has major [B]-P2-C3 topped out at 1375 or potential one more push up to 1388 to 1405, where minor C=A.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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