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Apr 1st, 2011: Update 1 – Morning

Posted by pugsma on April 1, 2011

12:00 pm EST: Here is the 60-min chart showing all three possibilities. 

  • Primary Count (white): Continual march upward to the green ISH target of 1391 with little pull-back into early May.
  • 1st Alternate Count (blue):  Pull-back to 1303/1315 to form a right shoulder for minor 2-[5]-P3 of an even larger IHS and then an eventually even more bullish move higher with a blue IHS target of 1439 near the 1440 pivot that will last into June.  This count agrees with the Cup and Handle target of 1430 established back in Nov 2010 with the dip (handle) to 1173.
  • 2nd Alternate Count (red):  Double top near 1344 to end Primary Wave 3 (P3).  Then a spring and early summer bogged down in a side-ways to down more for Primary Wave 4 (P4) consolidation above the 1257 pivot.

SP-500 60-min chart (11:53 am):

11:50 am EST:  Updated 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=230ddcc1-aa0d-478a-af30-e37edf9513c0

SP-500 15-min chart (11:43 am):

11:05 am EST:  I can tell by the number of e-mails this morning that some subscribers are anxious to try out the new April PW.  So I will make a quick intra-post today (not going to be the normal).

Primary count (white) is that wave iii-(3) of minor 3-[5]-P3 is underway.  We have cleared the 1332 resistance and next up ins the 1340/1344 gap resistance from the Feb 18th high.   The SP-500 should keep marching higher and I’m looking for minute wave (3) to reach the 1363 pivot in the next week or so.

The alternate count (blue) has minor 1-[5]-P3 of is ending here in this area.  Assuming the consolidation the past 2 days was a wave iv triangle, then wave v-(5) o f 1-[5]-P3 target is 1332 + 7 => 1339.  The minor 2-[5]-P3 retrace targets area at a minimum are 1316 (23%) and 1303 (38%), both of which are key pivot supports.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e39cd942-2f1e-4d92-a480-8cc7a4ea91eb

SP-500 5-min chart (11:03 am):

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