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May 16th, 2011: Update 1 – Pre-Market

Posted by pugsma on May 16, 2011

8:10 am EST:  ES Futures dropped to 1326.25 (1329.25 cash equiv.) and has hit and held the 1329 support zone of the May 5th low.

Primary count (white) has wave 5-i-(3) of minor 3-[C]-P4 headed toward 1329 on Monday.  Wave ii-(3) should bounce to test the yellow trend-line around 1339, before iii-(3) heads for 1303, where iii=1.62*i.

For the alternate count (blue) triangle minor 4-[5]-P3, if the 1329.17 level is breached intra-day in the cash market the count becomes invalid as wave (c) would drop below wave (a).  If the 1329.17 level holds, it could be a descending triangle (instead of contracting) with a flat bottom, which would still have a wave (d) up to 1350/1354 and wave (e) back down to 1340/1344 before completing and heading for 1382 to complete minor 5-[5]-P3.

Support is at 1329, then the 1315 pivot and 1313/1319 gap support.  Resistance is at the 1354/1357 gap and then the 1363 pivot.


SP-500 5-min chart (EOD, 5-13-11):

SP-500 15-min chart (EOD, 5-13-11):

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