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July 27th, 2012: Update 1 – EOD

Posted by pugsma on July 27, 2012

5:00 pm EST:  The last two days saw a serious of shock and awe statements out of the Europe Central Bank.  And it appears as if Ms Market has finally made up her mind on the Intermediate to Long Term direction, which is in-line my primary count target area of near the 2007 Highs of SPX 1500+.  I have stayed steadfast in my view that the market was headed high than 1500+ with my primary count over the past month of up and downs.  Now it is finaly time to see if its was right.  Ms Market should not look back much now on her way higher.

The primary count is that minor 1 of major [3]-P3-C3 is still unfolding with a target at 1392 to 1401.  I have today’s move up to 1389 as the end of wave (3) of minor 1 and I’m looking for a shallow 23% retracement of wave (3) during wave (4) for a target area near 1377.  The wave (5) target is thus 1392, where (5)=(1) or 1401 where (5)=1.62*(1).  After minor 1 completes next week, there should be at least a 38%/50%  retrace of minor 1 for minor down to the 1372 to 1363 pivot support.  Note: Now the SPX has close above the 1363/1372 pivot support, it’s very important for the primary count that the minor 2 retracement holds the 1363 pivot support zone of (1356 to 1370).   If the SPX breaks this 1363/1372 support again for the 3rd time, then I fear the alt (blue) count will finally play out to re-test of the 1257 pivot support.

The alternate (blue) count is on life support.  It’s been adjusted yet again to move the double Zig-Zag higher for major [B]-P2-C3 to the 1392 to 1401 target area.    This alternate (blue) count needs to end major [B] soon and major [C] needs to begin to impulse down and break through the rising 50-day SMA (1334) and 200-day SMA (1318).  This will lead then lead to the re-test of the 1257 pivot support to end P2-C3.

Have a breat weekend !

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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