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Apr 4th, 2011: Update 2 – EOD

Posted by pugsma on April 4, 2011

5:10 pm EST:  The fact that the SP-500 did not sell-off the past couple of trading days and is holding above gap support the past few days is very bullish behavior.  I’m going back to the primary count from Thursday 3-31-11 where I had the SP-500 in minute (3) of minor 3-[5]-P1.  I think the 1319/1323 gap was likely the “gap of recognition” in the heart of wave 3-iii-(3) of minor 3-[5]-P3.   If you look at the 5-min chart labeling below, I have the last 4 days of gains and followed by consolidation as part of a couple of wave 4’s, iv’s within minute (3) of minor 3-[5]-P3.  Wave v-(3) should be underway this afternoon and should reach a new bull market high of about 1347 tomorrow, where (3)=2.62*(1).    I think wave minute (4) will mostly be a side-ways to slightly down later into this week, before minute (5) of minor 3-[5]-P3 reaches the 1363 pivot area by the end of next week for OEPX Friday April 15th.  The “gap of recogntion” at 1319/1323 must remain open for this count to be correct.

April is historically the most bullish month seasonally and I expect most of the gains for major [5]-P3 to occur by the end of April.  Targets for [5]-P3 range from 1390 to the 1440 pivot.

Support is at the 1325/1329 gap, the 1319/1323 gap and 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=aae532ed-051f-41d1-9e5d-9284c913bfa3

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=4183f08f-6682-485b-8e30-f697d832c148

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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