Apr 8th, 2010: Testing Support
Posted by pugsma on April 8, 2010
5:05pm EST: The SP-500 continues to pass the test and remains bullish. Today’s move up to 1188.55 looks like wave i-(3)-5-[5] of my primary count. I’m expecting a pull-back to the 1181/83 area for wave ii-(3). There is a small inverse head and shoulders setting up off the today’s 1175 low that projects to about 1205 in the next few trading days. Attached at the bigger picture 60-min and Daily charts. We are right back inside the primary bull E-wave channel off the 1045 Feb 5th low.
SP-500 60-min Chart (EOD):
SP-500 Daily Chart (EOD):
12:50pm EST: Those on my PUG Alert Service Subscribers knew from early this morning to watch for a bounce off 1175 and back test of the broken channel (light blue) at 1184. A nice profitable 9 point trade (0.75% or 2.30% profit if you use 3X EFTs UPRO and SPXU). And if either of my bullish counts play-out their profits are not capped at the 9 point gain, they could be good for a 25 point (2.1%/6.3%) to 55 point (4.7%/14.0%) profit. Below are the 15-min charts that my subscribers saw today. If you want to sign-up for the alert service and make some profits, e-mail me at pu_gridiron@yahoo.com.
SP-500 15-Min Chart (12:40pm):
SP-500 15-min Chart (10:35am):
10:45am EST: The SP-500 tested support at 1175.12 this morning. Both of the near term bullish options are still valid as long as this 1175 area holds up. The 13-day EMA is at 1174 today, which has held as support during this entire rally. Primary count is wave (3)-5-[5] underway with final targets near 1230 and alternate count is wave (5)-5-[5] underway with final target near 1200 . I do have a new near bearish count that has 1192 as the peak of wave 3-[5], and therefor I was off by one minor degree to early in my labeling. In this case we could be starting wave 4-[5] to retrace between 23% (1167) and 38% (1152) of the large wave 3-[5] move from 1086 to 1192.
SP-500 60-min Chart (10:30am):
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