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Mar 28th, 2011: Update 2 – EOD

Posted by pugsma on March 28, 2011

4:30 pm:  I count 5-waves up to 1319.74 from the 1284.05 minor 2-[5]-P3 low.  Primary count (white) is that minute (1) of minor 3-[5]-P3 ended at 1219.74 today.  Minute (2) down is in progress with targets between 1306 (38% retrace) and 1298 (62% retrace).    Minute (3) of minor 3-[5]-P3 should kick-off towards the 1363 pivot by the first of April.

As an alternate count (blue) keep an eye on the large major [4]-P3 contracting triangle that has just completed minor wave-B at 1319.74 and would be headed down to about 1270 for minor wave-C.  This triangle would take several more weeks to play out to it’s bullish conclusion of major [5]-P3.   See the 60-min chart for this alternate count.

Support is at the 1303 and then 1291 pivots. Resistance is at the 1315 pivot and 1315/1320 gap, that did not close today.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=276843d4-9b77-4fb0-9bf4-9cb722032712

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=090128d5-75f0-424a-8329-21e590276b9b

 SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

 

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