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May 12th, 2011: Update 3 – EOD

Posted by pugsma on May 12, 2011

5:50 pm EST:  For the primary count (white) major [C]-P4 flat today saw both of my targets hit: minute (1) of minor 3-[C]-P3 hit the 1332 target this  morning and minute (2) reached slightly above my 1346/1349 target area to 1351 this afternoon.  However minute (2) looks like only 6 waves up thus far and could be  tracing out a double Zig-Zig, which is a 7 wave corrective move.  So there might be one more wave up tomorrow to challenge the 78% retrace target of 1353 and the 1353/1357 gap resistance.  If the minor 2-[C]-P4 high of 1359.44 is breached, then this primary count becomes invalid and we must move onto the alternate count.

The alternate count (blue) for the Ending Diagonal (ED) put in the minor 4-[5]-P3 low today at 1332.03 this morning and held the key lower yellow trend-line support off the 1249 March low of 1249.  Minor 5-[5]-P3 should carry above 1371 minimum and below 1408 maximum.  A move lower that breaches the 1329.17 low would invalidate this count and usher in the (3)-3-[C]-P4 drop for the primary count.

The key levels to watch for the next significant directional move are 1329.17 down and 1359.44 up.  Support is at the 1329 low and then the 1315 pivot.  Resistance is at the 1353/1357 gap and then the 1363 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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