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May 2nd, 2011: Update 1 – Pre-Market/Morning/Afternoon

Posted by pugsma on May 2, 2011

3:00 pm EST:  Remember that guideline about a wave (4) likes to retrace back to a lesser degree wave iv area.    In this chase wave (4) target is 1355, where c=a, where wave iv-(3) resides and where the 23% retrace target is located.

SP-500 5-min chart (2:56 pm):

11:30 pm EST:  Here is the updated 5-min and 15-min charts.   There is wave v=0.62*i target of 1373 to end wave (3).  There are also new updated wave (4) retrace targets of 1346/1356 based on the current wave (3) high of 1371.

SP-500 5-min chart (11:24 am):

SP-500 15-min chart (11:23 am):

8:45 am EST:  ES Futures topped out overnight at 1373.50 (1376.50 cash equiv.) and is trading at 1366 (1369 cash equiv.) in the pre-market.

The target for wave (3) of minor 3-[5]-P3 is 1367, where (3)=4.23*(1).   The next fib extension is where wave (3)=6.85*(1) = 1398.  However, (3) can end at point in-between.  The top off the channel line is at around 1369 this morning and rising.  Once (3) end, we can begin to look for wave (4) pull-back targets of 23% to 38% of wave (3).

Support is at the 1363 pivot and then the 1339.46 IHS neck-line area.  The next major resistance is the 1440 pivot area.   There are some minor pivots in-between at 1372, 1396, and 1415.

SP-500 5-min chart (EOD, 4-29-11):

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