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Mar 18th, 2010: One More Wave Up?

Posted by pugsma on March 18, 2010

4:50pm EST:  Slow day. Not much was resolved as to whether or not the SP-500 is completing wave 4-iv-(5) of 1-[5] and needs one more wave 5-v-(5) up to about 1175/78 or if the this wave 1-[5] topped at 1169.84 on Wed and wave 2-[5] down is underway which could re-trace to about 1145 (23%) or 1125 (38%).  Hopefully, Friday’s action will help to resolve the near term direction.

15-min Chart (EOD):

60-min Chart (EOD):

Daily Chart (EOD):

10:45am EST:  Here’s my PUG Alert Newsletter Service e-mail update as of 10:30am EST.  This is small taste of the type of info and charts the PUG Alert subcribers get each day.   This along with my proven track record of keeping you on the correct side of the trade.  To sign up for $15 for the balance of March (regular $25/month) e-mail me a pu_gridiron@yahoo.com.

“Looks like a potential small symmetric wave 4-v-(5) triangle, which would mean a very slow day. The size of the triangle is about 9 points and the pivot is around 1066, so a break-out upwards would traget the 1075 area. Any move over 1169.84 would be enough to becalled wave 5-v-(5).  There is that tough long-term resistance at 1168 and then 1177. Like I have said, this first move up off the Feb 5th 1045 low should die in this resistance band. This 1175 area is almost the precise measure of the Inverse Head and Shoulders that set-up after the right should formed at 1086. So, there are a lot of reasons for a significant pull-back to start from this area.  And the pull of SPY OPEX current pain towards 1140 to 1150 should come into play as soon as a new high over 1169.84 is made. They may try to reverse it very quickly.  Also, keep in mind that we could count the 1169.82 as a 5-v-(5) completion (see the purple labeling) and we are already on our way back down in the retrace to at least 1141 and more likely 1125 over next week or so. Once 1157 goes there could be mad rush to exit longs positions for a while.”

SP-500 5-min Chart (10:30am):

8:30am EST:  The charts say there is one more wave up needed in wave 5-v-(5)-1-[5]-P1.  This wave 5-v should bring the SP-500 to about 1178 if ave v=i for wave (5).  But the key level to hold for wave 4-v is 1157 (1-v peak), if this final 5-v wave up is going to materialize.

SP-500 ES Futures 60-min Chart (EOD):

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