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April 19th, 2012: Update 1 – After/EOD

Posted by pugsma on April 19, 2012

4:35 pm EST:  Here are the updated 15-min and 60-min charts after the close.  Primary count is that wave minor E of major [4]-P1-C3 completed today at 1370 and now a move up to the 1405-10 area is underway for minor 1 of major [5]-P1-C3.   Note, the new minimum triangle target for major [5] as been adjusted down from 1484 to 1468.     If minor E decides to extend lower than 1370,  then it should not break the minor C low of 1357, which is at the lower end of the 1363 pivot range.

Alternate count is that (w) of minor Y of major [4]-P1-C3 completed today.  Wave (x) of minor Y is underway that will hold below the 1386 pivot area.  From there wave (y) of minor Y should drop to the 1328 to 1340 area to complete major [4]-P1-C3.

Support is at the 1372 pivot and then the 1363 pivot.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

2:55 pm EST:   With the break down today below the 1386 pivot the only possible interpretation that works for the primary count is that 1393 ended minor D and this move lower is minor E of major [4]-P1-C3.  The minor E wave should hold the 1357 low for minor C and the lower yellow line at about the 1363 pivot.  My orignal target for the minor E wave was 1372 to 1386 and so far we hit 1370 today.

The alternate count that minor C of major [4]-P1-C3 his headed for a target area of 1320 to 1340 is unchanged and obviously gains some momentum with the move down today that broke the 1386 pivot area and the 50-day SMA of 1379.

SP-500 60-min chart (2:50 pm):

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