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Mar 11th, 2010: Triangle to New 2010 Highs?

Posted by pugsma on March 11, 2010

6:20pm EST:  A New 2010 Closing High!!! πŸ™‚  And 1050.24 is just 0.21 below the intra-day Jan high of 1150.45.  It looks like the triangle wave iv is resolving to the upside.  It could be labeled as either a symmetrical or ascedning triangle (5-min and 15-min chart).  It would appear that my original target of 1160+ for wave (5)-1-[5]-P1 maybe hit in the next few trading days.

On my updated 60-min and Daily Charts, I now believe that the wave 2-[5]-P1 pull-back will be expectionally shallow.  If things play-out as I suspect, there will be a continued accelleration upward of all equity and commodity markets.  My SP-500 target has been rasied to 1230 to 1277 by May/June 2010.  A lot of institutional and retail money is going to start pouring into the markets from bond funds as people are going to start chasing this market thinking they are missing out.

SP-500 5-min Chart (EOD):

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

11:00am EST:  I’m tracking a bullish ascending triangle for wave iv-(5)-1-[5] on my 5-min and 15-min charts.  It’s possible that we have completed legs a-b-c of the triangle with d-e to come.   Each leg of the triangle must count as 3-wave move and so far legs a-b-c have done just that (look at the 5-min chart).  The top of the triangle is at 1148, so a break-out upward would certainly pop the short seller stops set at 1150/52 area and help push the SP-500 to the 1160+ level.  Also, be watching for any break-down below 1133/35 to confirm wave 1-[5] is over and we are entering a wave 2-[5] retrace.

FYI, I’m showing these 5-min and 15-min charts here this week so potential Alert Service Subscibers can see how useful this information can be for trading.   Please drop me an e-mail at pu_gridiron@yahoo.com to subscribe.  I can offer the balance of March (2 weeks) for a discounted rate of $15 (vs $25/month).

SP-500 5-min Chart (11:00am):

SP-500 5-min Chart (11:00am):

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