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Mar 31st, 2011: Update 2 – EOD

Posted by pugsma on March 31, 2011

5:00 pm EST:  For the primary count (white) I have wave ii-(2) or minor 3-[5]-P3 complete today at 1325.03, or a slight variant would be another drop to the 1319/1323 gap support tomorrow morning, before wave iii-(3) heads to a new high above 1344.  The wave (3) target is near the 1363 pivot.

The alternate count (blue) is that minor 1-[5]-P3 ended yesterday at 1331.74 and a minor 2-[5]-P3 correction is underway.  The typical minor wave 2 retrace targets are 1301 (38%) and 1291 (50%).  A break down of support below the 1319/1323 gap and then 1315 pivot will confirm this count.

Support is at the 1319/1323 gap and then the 1315 pivot.  Resistance is at 1332 and then the 1340/1344 gap for the old recovery high of 1344.

Note: Please be patient tonight, as the April Password will go out via e-mail until very late.  I have a lot of administrative work to take care of with the Q2-2011 e-mail distribution list first.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=a81353e0-5c40-414e-9c47-ecfc5e15f662

SP-500 15-mi chart real-time link: http://www.freestockcharts.com?emailChartID=bd1ca62e-bc94-4727-be33-55090137801d

SP-500 5-min chart (EOD):

 

SP-500 15-min chart (EOD):

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