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Apr 25th, 2011: Update 2 – EOD

Posted by pugsma on April 25, 2011

4:45 pm EST:   Today’s slightly new high of 1337.55 looks likely to have ended wave v-(1) of minor 3-[5]-P3, where wave v=0.62*i => 1338.   The drop to 1331.47 this morning looks like wave a-(2) or minor 3.  Today’s high of 1336.28 looks like b-(2).  I’m expecting a wave c-(2) drop to the 1322 to 1328 area (i.e. 23% to 38%) retrace of wave (1)).    For the alternate count (blue), if the drop is closer to the 50% retrace of 1316, then this could be the (b) wave of minor 3, in which major [5]-P3 tracing out and Ending Diagonal (ED).

Support is at the 1313/1319 gap and the 1315 pivot.  Resistance is at the 1340/1344 gap then the 1363 pivot.

The VIX closed back inside it lower Bollinger Band, triggering a VIX buy signal and Equity sell signal at the close today. This is signal is usually reliable for at least a short-term pull-back in equity prices.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

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