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May 16th, 20111: Update 4 – EOD

Posted by pugsma on May 16, 2011

5:15 pm EST:  For right now, there are now three counts that I’m going to must track.  I will begin to consolidate and/or eliminate as we move along in time and price.  I will call them white (bullish), blue (neutral), and red (bearish).  The red count is the original primary for the [C]-P4 expanded flat down to test the 1245/1357 area.   The blue count is the ending diagonal (ED) for major [5]-P3 that targets 1386/1407 area.  And the new white count is the bullish ascending triangle for major [4]-P3 that targets 1493 for the end of major [5]-P3. 

The red count (primary) is a wave iii-(3)-3 right now and needs to smash all support from 1313 to 1329 on the way to the target of 1308, where iii=1.62*i.  The wave (3)-3 target is 1280, where (3)=2.62*(1).  So this count is going to be very bearish for the next week or two as it accelerates downward.

The blue and white counts look to be in a potential bullish falling wedge headed to the 1319/1324 lower trend-line support area that will end minor 2-[5] of the blue count and minor C-[4] of the white count.  The next target would be re-test of the 1371 high for both counts, i.e. minor 3-[5] and D-[4].   This count really needs to the hold the 1315 pivot support on this  move lower.

Support is at the 1315 pivot and the 1313/1319 gap.  Resistance is at 1344, then the 1354/1357 gap and 1363 pivot.

 

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hour chart (EOD):

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