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Apr 4th, 2011: Update 1 – Pre-market

Posted by pugsma on April 4, 2011

12:00 pm EST:  Here is how the wave (4) of minor 1-[5]-P3 triangle may play-out to a new high near 1351 in the next day or two.  Watch for the 15-min MACD “buy” signal to confirm this triangle is breaking out to the upside.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=b9336ba3-520b-4b19-a9c9-141cec201cca

SP-500 5-min chart (11:55 am):

9:35 am EST:  Fixed the 1340/1344 gap label on the 5-min chart.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=30415818-b688-43a6-898c-31dbe3600f68

SP-500 5-min chart (9:32 am):

9:15 am EST:  ES Futures traded up to 1331 (1335 cash equiv.) overnight and pre-market.

Primary count is that minor 1-[5]-P3 peaked at 1337.85 on Friday Apr 1st and now looking for minor 2-[5]-P3 to test either the 1315 or 1303 pivot.  One slight variant to this count (blue labels on 5-min chart) would be that minute (5) of minor 1 is playing out as an expanding ending diagonal and a slightly higher high of above 1337.85 will materialize in wave v-(5) today.   There is gap resistance at 1340/1344 that could be the target.

Support is at 1325/1329 gap, the 1319/1323 gap and then the 1315 pivot.   Resistance is at the 1340/1344 gap and then the 1363 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e3bba269-5503-4c93-987d-556a27b5155d

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ee899ada-a3f9-4081-bbb5-4b302edbb06b

SP-500 5-min chart (EOD, 4-1-11):

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