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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