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Apr 7th, 2010: Channeling

Posted by pugsma on April 7, 2010

4:00pm:   Bounced right of the 1177 pivot (now support).  This is bullish behavoir.   Looks like the 1177 was a 62% retrace for wave (2)-5-[5].   Wave (3)-5-[5] could be underway with targets up near 1230 area.  Alternatively, we could have put in wave (4)-5-[5] at 1177 of an ending diagonal with a wave (5)-5-[5] targeting the 1200 to 1206 area next week.

SP-500 60-min Chart (EOD):

11:15am:  What a beautiful E-wave structure and channel on the 60-min chart.  Just how high will this wave 5-[5]-P1 reach?

SP-500 60-min Chart (11:15am):

8:35am:  ES futures have dipped to 1180 (1184 cash).  As shown in the 15-min chart the key levels to watch on the the wave 4 or (4) pull-back are 1181 and 1177.  Need to hold 1177 to have a shot at 1200 in the near term.

SP-500 15-min Chart (EOD, 4-6-10):

SP-500 ES Futures (8:20am):

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