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Mar 12, 2010: Break-Out !

Posted by pugsma on March 12, 2010

5:08pm EST:  OK, so it wasn’t an very impressive “break-out”.   But the the wave vi triangle did produce the proper 13 point trust from 1141 to 1153.41.  1153.41 is obviously a new recovery high for the SP-500.  Was that the top of wave (5)-1-[5]-P1 that we have been watching extend for the past week?  Maybe, maybe not.  The 1141 level is still important to hold for more upside.  And I still think the Inverse Head & Shoulders target of 1165+ could still be acheived in this wave.  We’ll know early next week.  Have a great weekend.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

1:32pm EST:  CloudSlicer was asking about my thoughts on GDX (Gold Miners ETF).  Here are my counts from March 10th.  GDX could be in a wave 2-[5] pull-back already ahead for the SPX 2-[5] pull-back.   But it could also be in a ii-3-[5] count on the wave back up to new highs.

GDX 15-min chart (3-10-10):

GDX Daily chart (3-10-10):

10:52am EST:   Wave iv triangle break-out to the projected 1154 measurement was was reached [1141 (pivot) + 13 (height) = 1154].  However, this does not necessarily mean this move up for wave v-(5)-1-[5] is over.  This initial trust could just be wae 1 of v of (5).  The key area to watch today is the triangle pivot of 1141.  Above 1141, further advancement higher for this wave (5)-1-[5] is possible.  See the updated 15-min chart below.

SP-500 15-min Chart (10:52am):

8:45am EST:  As I correctly indentified early in the trading yestereday, there was a wave iv-(5) triangle with a potential to break-out to the upside.  The ES Futrues have hit 1152 (1156 cash equiv) and are on the rise.  The Inverse Head and Shoulder Target of 1165 to 1175 is in play for next few trading days. 

If you look back into my February blog posts you will see that I called this 1165 target back at 1112, well before the drop to 1086, and subsequent rapid rise to the current levels.  This is well before anyone else on the other E-wave blogs saw it.  In fact those same bearish E-wave blogs were telling their readers to expect a drop to levels of 950 to1000, when the SP-500 was at 1112 in Feb.  It’s all out there in the blog post archives on their blogs versus mine.

To become PUG Alert Newsletter Service Subscriber for the balance of March I’m offering it at a $15 discount rate (vs $25/month normal).  E-mail me at pu_gridiron@yahoo.com to sign up.

SP-500 ES Futures 60-min (8:45am):

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