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May 10th, 2011: Update 2 – EOD

Posted by pugsma on May 10, 2011

3:58 pm EST:    For the primary count (white) minor 2-[C]-P4 should not exceed the 78.6% retrace of 1362, also the 1363 pivot.   The wave (c)=(a) area is 1360.  Right it looks like iii-(c) may have ended at 1359.44 and there will be a sideways iv-(c) to about 1354, before v-(c) complete between 1360 and 1362.   This primary count could turn south hard in minor 3-[C]-P4  at any-time now.

Above the 1363 pivot resistance, the alternate count (blue) for the Ending Diagonal (ED) major [5]-P3 takes over.    This wave up is the final move higher of minor 5 of [5]-P3 off the 1329 low.   The count is that wave iii-(c) of minor 5 is headed for 1373, where iii=4.25*i.  Ultimately wave (c) of minor should complete at 1375, where (c)=1.62*(a) or at 1381 for a 78.6% retrace of the 2007 to 2009 bear market.   There is pivot resistance between 1373 and 1386.  The absolute maximum of the ED is 1405 (i.e. 1329 + 76).

Support is at the 1346/1348 gap, then the 1329 low from last Thursday (5/5) and 1315 pivot.   Resistance is at the 1363 pivot and then the 1373 pivot.

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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