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May 20th, 2011: Update 2 – EOD

Posted by pugsma on May 20, 2011

4:25 pm EST: Primary count (white) has wave ii-(1) of minor 1-[5]-P3 complete  late today at 1332.47 with a wave  iii-(1) target of 1361, where iii=2.62*i.  The minute wave (1) target is 1370 by late next.

The alternate count (blue) has wave ii-(c) of minor 3-[5]-P3 complete late today at 1332.47  with a wave iii-(c)  target of 1361, where iii-2.62*i.  The minute (c) of minor 3 target is 1370 by late next week.

However, based on the weak close today at 1333.27, there is some chance that both counts could show additional weakness early on Monday, in which case the wave (c)-E-[4]-P3 low is not in place for the white count nor is the low for the wave (b)-3-[5]-P3 of the blue count.  The lower blue trend-line is at 1325 and both counts remain valid above 1318.51.

Support is at 1329/1330, then the 1315 pivot and 1313/1319 gap.  Resistance is at the 1342/1344 gap, the 1354/1357 gap and then the 1363 pivot.

Have a great weekend !!!

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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