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May 25th, 2011: Update 1 – Morning

Posted by pugsma on May 25, 2011

1:05 pm EST:  Here is the updated 5-min chart at mid-day.

SP-500 5-min chart (1:03 pm):

10:00 am EST:  Here is the updated 15-min chart this morning.  The primary count is looking good for a potential bottom and there are many other indicators like high $CPCE (put/call ratio), low # of bulls in the AAII survey, and Dr Copper break-out upward that argue for a bottom in this area.  We likely see some testing of the 1315 pivot support and some back and fill action today to help define the bottom.

The alternate count (red) need a complete break-down through the 1303 pivot today or tomorrow to remain in play.

SP-500 15-min chart (9:55 am):

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