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Apr 11th, 2011: Update 3 – EOD

Posted by pugsma on April 11, 2011

4:50 pm EST:    Primary count (white) is that minor 4 of major [5]-P3 completed today at 1321.06 as a bullish falling wedge.  The minor 5 target is between 1361, where minor 5=1 and and 1367, where major [5]=[1].  Breaking down through the 1319/1322 gap support would end this count and move the SP-500 onto the alternate count.

The alternate count (blue) is that minor 2 of major [5]-P3 is playing out with a target of 1305 for 38% retrace of minor 1.  This count would set-up a near text-book inverse head and shoulders (IHS) with a measurement of 90 points and a target of 1429 for the completion of major [5]-P3.

Support is a the 1319/1322, the 1315 pivot and then the 1303 pivot.  Resistance is at the 1340/1344 gap.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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