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May 19th, 2011: Update 1 – Morning

Posted by pugsma on May 19, 2011

3:30 pm EST:  Looks like a potential (b) wave triangle is almost complete at 1340/1344 support.  Wave (c) target is 1371, where (c)=(a).

SP-500 5-min chart (3:25 pm):

12:20 pm EST:  Updated 5-min chart.  Maybe a b-(b) up here as long as it does not past 1346.82, there could sill be a c-(b) down to 1333.

SP-500 5-min chart (12:15 pm):

 10:25 am EST: Here is the updated 15-min chart.

SP-500 15-min chart (10:23 am):

10:15 am EST:  This morning I want to focus again on the larger picture shown on the 60-min chart.  Specifically, I want to focus in on the white count.  The SP-500 just completed a very complex minor C of the major [4]-P3 triangle.   This C wave got a lot of bear juices flowing again and a lot of top callers came out the woodwork once again, so it did it’s job well.  Usually either the C or D leg of the triangle is complex.   Now the question becomes is this a contracting triangle of an ascending triangle.  The ascending triangle has more bullish upside to 1493.  However, the contracting triangle possibility has really caught my eye this morning.  After a complex C wave, it possible we could put in a very simple and rapid minor D up and then a quick minor E down to complete the major [4]-P3 triangle that began way back on Feb 18th at the 1344 high.  This contracting triangle has a slightly lower target area of 1462 or just above the 1440 pivot for the complete of major [5]-P3.

Definitely something to keep and eye on here if we stall out near 1347/1350 today, test lower to 1330 to 1335 and then break higher and run past 1371 without stopping.

SP-500 60-min chart (10:04 am):

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