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July 30th, 2012: Update 1 – EOD

Posted by pugsma on July 30, 2012

4:40 pm EST:  Nothing new to report today. Everything went just as forecast per the primary count.  Today’s price action looks like the completion of wave (3) of minor 1 of major [3]-P3-C3 at 1392, followed by a wave a-(4) pull-back to 1381 this morning.  Then this afternoon there was small bear flag for wave b-(4) up to 1387, that should resolve to the downside early tomorrow morning in the 1377-79 area to complete c-(4).  From there wave (5) of minor 1 should test the 1394-1403 area , where (5)=(1) or (5)=1.62*(1).  Note: it will take a break below the 1372 pivot support and test of the 1363 pivot to signal that minor 1 is complete and a minor 2 retrace is underway.  The minor 2 retrace target area is 1362-66 basis 1394 for the completion of minor 1 and 1369-75 basis 1403.

SP-500 15-min chart (EOD):

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