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Apr 26th, 2011: Afternoon/EOD

Posted by pugsma on April 26, 2011

3:00 pm EST:  It looks like the best interpretation of the primary count (white labels) was a wave iv-(1) triangle that ended at 1334.47 yesterday, which lead to a target of 1350 to complete wave (1), where v=i.   And the wave (2) pull-back target is 1329 for a 38% retrace of (1).   We have had a break-out above the 1340 neck-line of the large Inverse Head and Shoulder (IHS).  Thus it is possible that the wave (2) pull-back could be even more shallow and only retrace 23% to the 1337 area in order to the test the ISH neck-line break-out.   From there wave (3) would be on its way towards 1385.

The alternate count (blue labels) is that minor 3 of the major [5]-P3 Ending Diagonal (ED) is targeting the 1354 area, where (c)=0.62*(b).   Thus the consolidation between 1328 and 1338 was a wave (b) triangle.  The minor 4 pull-back should target the 1319 area.  Ultimate minor 5 of major [5]-P3 should end near the 1363 pivot area or major [5]=[1] at 1367.

Support is at the 1335/1336 gap, the 1331/1333 gap and then the 1315 pivot.  Resistance is at the 1363 pivot.

This will serve as the EOD post as well.

SP-500 5-min chart (2:40 pm):

SP-500 15-min chart (2:27 pm):

SP-500 60-min chart (2:24 pm):

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