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July 11th, 2012: Update 1 – EOD

Posted by pugsma on July 11, 2012

4:35 pm EST:   The SPX decided to make more slab lower below 1336 to hit the (c)=(a) target of 1333 today.  The primary count is that minor 4 of major [1]-P3-C3 ended today at 1333 and that minor 5 up to the 1386 area began.  The move to 1386 should trace out a 5th and final 3-wave (a)-(b)-(c) pattern to complete the large major [1]-P3-C3 Leading Diagonal of the early June low of 1267.  From there, we should expect a large correction of between 62% and 78% for the major [2] wave down to  the 1293 to 1312 area before the major [3] wave reaches new highs above 1422 going into the end of 2012 and early 2012.

The alternate (blue) count is that minor 1 of major [C]-P2-C3 completed at 1333 today and a minor 2 bounce to retrace 50%/62% back up to 1354-59 is underway.  After minor 2 complete in the next few days, there will be a large drop down toward the 1257 pivot for minor 3 of major [C]-P2-C3.  This alternate (blue) count will be confirmed on a break of the SPX support at 1309.  The final target for the complete of major [C]-P2-C3 is at 1249 to 1207.

SP-500 15-min chart (EOD):

 SP-50 60-min chart (EOD):

SP-500 4-hr chart (EOD):

SP-500 daily chart (EOD):

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