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Apr 6th: The Grind

Posted by pugsma on April 6, 2010

11:40pm EST:  The grind upward continues with new higher highs ever day or two.  As a bonus tonight for the non-paying followers, I’m going to put up my 15-min chart on the SP-500.  The primary count has us in wave 3 of (1)-5-[5]; this wave may have completed at 1191.80 today.  I’m looking a shallow wave 4, possibily a triangle to last the next couple days before reach the wave (1)-5-[5] reaches a target of about 1200 early next week.  The alternate count in purple has an ending diagonal (wedge) playing out that has completed wave (3)-5-[5] today at 1191.80.  Looking for wave (4) to re-trace back to the 1177 to 1180 area, before reaching 1200 area mid to late next week.

SP-500 15-min Chart (EOD):

10:45am EST:  SP-500 held key support above 1181.43 this morning, setting the stage for a new high above 1188.   However, if you look at my mid-channel line on the 60-min chart, there is some resistance here around 1187.  I don’t favor it right now, but there is a chance this wave 5-[5] could terminate as an ending diagonal (wedge) before reaching the first target of 1200.

SP-500 60-min Chart (10:30am):

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