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May 31st, 2011: Update 3 – EOD

Posted by pugsma on May 31, 2011

4:50 pm EST:  Massive volume came into the market during the last hour on the SPX Cash, QQQ, and IWM.  There was more total volume today than for the previous three days.  This is bullish and helps to confirm the primary count, as buyers stepped up at the end of today.

For the primary count (white) minor 1 of major [5]-P3 is still unfolding in a very tight upward channel (blue).  It looks like today’s initial peak to 1344.75 was only wave (3) and not wave (5).   The drop to 1334.66 today looks like wave (4) and I’m expecting wave (5) of minor 1 could reach 1349, where (5)=(1) to 1357, where (5)=1.62(1).   There is a gap to close at 1354/1347 and pivot resistance at 1363.   From there minor 2 should test the 1340/1344 support area, which is also the neckline break-out of an IHS that measures to 1376.  This agrees with my major [5]-P3 target area of 1371 to 1386.  Higher targets of 1400 to 1440 are possible, but I will re-evaluate the projections once the SP-500 is comfortably above the 1363 pivot.

For the alternate count (red) minute (5) of minor C of major [B]-P4 is still unfolding higher.   However, it can not exceed 1357 (78.6% retrace) of major [A].  A Leading diagonal for major [A]-P4 should not retrace more that 78.6%.  The 62% retrace point is 1349.  Both 1349 and 1357 agree with my wave (5) projections for tomorrow.   So this red count can be elimiated with the SP-500 push up to the 1363 pivot tomorrow or during the next few days.

Support is at 1330 and then 1340.  Resistance is at 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):

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