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Mar 26th, 2010: Back-test Day

Posted by pugsma on March 26, 2010

5:30pm EST:  Waves looks corrective, as part of wave [4]-5.  It could take most of next week to resolve inside the large triangle around the 1168 pivot or it could resolve quickly with a burst lower to about 1154 on Monday to complete the flat (alt: purple).  Have a nice weekend.

SP-500 15-min Chart (EOD):

SP-500 60-min Chart (EOD):

SP-500 Daily Chart (EOD):

2:00 pm EST:   So how do you like them apples (waves).  3-waves down off the 1180 high are completed at 1162, as predicted.  Could be the end of the C-leg of the large triangle for wave 4-[5].  Now, we need to watch for whether or not a 4th wave develops and we get a 5th wave down towards 1154 for the flat of the alternate count (purple).

SP-500 15-min Chart (1:45pm):

10:00am EST:   Here’s the 15-min chart, maybe a H&S with RS forming for the b-leg of C in the 1174/75 area.

SP-500 15-min Chart (10:00am):

8:50am EST:  There will likely be some back-testing of the broken channel line this morning.  ES Futures indicate that this has already begun.   I’m looking for 3-wave C-leg of the the large wave 4-[5] triangle to complete around 1160/62 today.  If that level is breached, then the alternate count for the 5-wave C-leg of the flat is underway with targets from 1144 to 1154.

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

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