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May 16th, 2011: Update 3 – Mid-day

Posted by pugsma on May 16, 2011

2:25 pm EST:  OK, how about this potential pattern on the SP-500?  Can anyone tell me the wave degree and potential target?

SP-500 Daily Candles (2:17 pm):

2:10 pm EST:  Anyone recognize this potential pattern on the QQQ?  Is it bearish or bullish for the intermediate term?

QQQ Daily Candles (1:54 pm):

12:20 pm EST:  Here are the updated 5-min and 15-min charts, with the target area for each count identified. 

I like both counts.   The primary is a shock the world, front run the end of QE-2 by about 6 weeks.   The alternate is the slow melt-up over the next 6 weeks that everyone expects for QE-2 ending in late June.    The primary count as many things going for it in regards to the weakness in Dr Copper and the commodities and the classic TA oscillator (RSI, MACD) roll-overs occurring the daily and weekly charts, etc.  But the primary counts keep support at 1329 and then 1315 to fail and so far it has not.

That’s it until the EOD post.  I have to get some engineering work done for my day job the rest of today.  🙂

SP-500 5-min chart (12:07 pm):

SP-500 15-min chart (12:10 pm): 

SP-500 60-min chart (12:24 pm):

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