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May 19th, 2011: Update 2 – EOD

Posted by pugsma on May 19, 2011

5:10 pm EST:  Today went pretty much as laid out last night.

For the blue count of the large major [5]-P3 Ending Diagonal, the top of wave (a) of minor 3-[5] completed at 1347 this morning for a 29 point move off the 1318 minor 2-[5] low.  Wave (b) looks to be tracing out a contracting triangle with waves a-b-c-d complete and just a small wave e-(b) down to about 1340/1342 required in the morning.  From there wave (c) of 3-[5] should target 1371, were (c)=(a).  Minor 4-[5] should retrace back to the 1344/1350 area and finally wave 5-[5]-P3 will complete near 1386.  The maximum of 5-[5] can be set until waves 3-[5] and 4-[5] complete, but those wave lengths go as planned the maximum should be near 1407.  This blue ED should end in mid to late June.

For the white count of the large major [4] triangle, I’m going to switch it over to the contracting type triangle vs the ascending triangle, as this count just makes more sense give the wave structure.  Minor wave D of [4]-P3 completed this move up at 1347 and this morning and then began work on the final wave E of the triangle.   Wave (a)-E ended at 1336 morning and wave (b) at 1344 this afternoon.  I’m looking for a wave (c)-E drop to about 1333/1334 tomorrow, where (c)=(a) and a 50% retrace of wave D.  From there major [5]-P3 should head much higher with a triangle target of 1456 [i.e. 1334 + (1371-1249)].  The key resistance at the 1440 pivot, so this 1356 triangle target fits with this area fo resistance.   The white triangle count should end in mid to late June.

Support is at 1340, 1329, the 1315 pivot and 1313/1319 gap.  Resistance is at the 1354/1357 gap and then the 1363 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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