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May 9th, 2011: Update 3 – EOD

Posted by pugsma on May 9, 2011

4:15 pm EST:  Nothing new to report after the close.  Both counts are still viable.  Tomorrow or at least by Wednesday should be the deciding move.  The key to watch for the primary count (white) on the downside is break below the 1335 area.    And for the alternate count (blue) on the upside a move above 1354.36.    Even if the alternate count plays-out the move towards a slightly new high will likely be short-lived.   The primary count is set-up for a minor 3-[C]-P4 drop lower and move could be swift.

Support is at 1335/1340 then the 1315 pivot and 1313/1319 gap.  Resistance is at 1354/1355, then the 1363 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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