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May 18th, 2010: Watching 1150 Area Again

Posted by pugsma on May 18, 2010

4:55pm EST:  We nailed the 1150 target pretty well this morning for wave (2)-[C]-P2. For the primary count I think we are working on wave i-(3)-[C]-P2 down. Might have a little more room down yet to go before the ii-(3)-[C]-P2 small bounce up. For the alternate count, even though 1115 held today, I don’t think wave 2-[1]-P3 is over. I have targets from 1113 (c=0.62a) to 1091 (c=a). 1107 is the the 62% retrace area and 1091 is the 78% retrace area.

SP-500 15-min Chart (EOD):

8:25am EST:  This time I’m watching the 1150 area again, this time on the way back up.  ES Futures are traded up to 1144 (1146 cash), there about a 2 point difference now to the June ES contract. So we have passed the 50% retrace of 1144 for wave (2)-[C]-P2 of the primary count and next up is the 62% retrace at 1151. For the primary count we need 1151 to hold and to quickly turn down in wave (3)-[C]-P3 headed to new lows. If the SP-500 gets above 1151 and challenges the 13-day EMA at 1158, the primary count will be in jeopardy. And certainly if 1174 is breached in the cash market, then the primary count is invalid and the alternate count which calls for new highs above 1220 would take over. So we face a very critical juncture here in the next day or two.

SP-500 ES Futures 60-min Chart (7:54am):

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