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Apr 15th, 2011: Update 2 – EOD

Posted by pugsma on April 15, 2011

Enjoy this song my James McMutry, “Painting By Numbers”.   E-waves are doing it daily…

4:35 pm EST:   The primary count is minuette wave  iv of minute (1) of minor 3 of major [5]-P3 finished up at 1318.45 this afternoon and minuette wave v-(1) is underway with a target of 1328, where v=i.  This should complete minute (1) on Monday, Apr 18th and the minute (2) pull-back should hold above the 1315 pivot.  The targets for minute (3) of minor 3 are between 1357, where (3)=1.62*(1) and 1383, where (3)=2.62*(1).

The overall target for  major [5]-P3 is the large IHS target of 1429 by mid-May to mid-June (see 60-min chart).

Also of note on the Daily Candles chart is the positive divergence between the McClellan Oscillator ($NYMO) and the SPX Price at the 1302.41 minor 2 wave low from Thursday, April 14th.  This type of McClellan Oscillator positive divergence at an oversold condition of -50 often makes a significant bottom.

Have a super weekend !!!

SP-500 Daily Candles (EOD):

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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