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May 13th, 2011: Update 1 – Morning

Posted by pugsma on May 13, 2011

11:35 am EST:  OK with this 50% retrace back down to 1340.51, I have to call 1351.05 the end of (2) for the primary count.    If the primary count is correct 1351.05 should not be breached as wave (3) is headed for the 1280/1282 area.

For the alternate count the drop to 1304.51 makes a nice 50% retrace for wave (b) of yesterday’s (a) wave up.  Now we are looking for a (c) wave of minor 5-[5]-P3 to reach a new high slightly above 1370.58.    (c)=1.62*(a) at 1372.

SP-500 5-min chart (11:33 am):

11:25 am EST:   Here is the updated 15-min chart with MACD moving to “sell” this morning.

SP-500 15-min chart (11:23 am):

 11:15 am EST:  Here the two possibilities with respect to wave (2) of minor 3-[C]-P4.  It could be labeled complete at 1351.05 (see red labels) or might need one more push higher to 1353 area (see white labels).

SP-500 5-min chart (11:13 am):

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