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Apr 12th, 2011: Update 2 – EOD

Posted by pugsma on April 12, 2011

5:00 pm EST:   For both counts minor 2 (primary) or minor 4 (alternate), I have 1309.56 as the low and this afternoon’s run up to 1317.69 was wave-i of a new uptrend and wave-ii bottomed at 1312.09.  I’m expecting a wave-iii move toward 1325, where iii=1.62*i.  Today’s close was right at the 1313/1314 support for the 34-day EMA and 50-day SMA.   There is a slight variant to the count that has 1317.69 as wave iv-c-(z) and there will be one more low below 1309.51 near the 1305 area, where c=1.62*a.

The primary count (white) is looking for a major [5]-P3 target of 1429 in late May or early June, where the IHS target resides.  And the alternate count (blue) is looking for a major [5]-P3 target of 1367 in late April or early May, where major [5]=[1].

Support is at the 34-day EMA of 1313 and then the 1303 pivot. Resistance is at the 1322/1324 gap.  Moving above the 1322/1324 would confirm the low is in place.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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