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April 26th, 2012: Update 1 – EOD

Posted by pugsma on April 26, 2012

4:00 pm EST:   Everything today went as predicted per the primary count and the minor 1 target of 1402 was hit.  The alternate (blue) count has been eliminated with the move above 1392.76.

Primary count is that wave (5) of minor 1 of major [5]-P1-C3 concluded today at 1402, where (5)=(1).  I’m looking for a pull-back to support at 1386 (38% retrace) to 1380 (50% retrace) over the next couple of days.  The 60-min RSI(9) is extremely over-bought and the $NYMO is at or slightly above its upper BB, indication a correction is need here.  However, for minor 1 wave (3) was just slightly bigger than wave (1), it is possible that wave (5) could extend to 1412, where (5)=1.62*(1) or even 1428, where (5)=2.62*(1).  There is an IHS with head at 1359 and neckline at 1393 that measure to 1427.

I will for now keep the alternate (red) count that P1-C3 topped at 1422 on April 2nd.  However, this alternate (red) count will become invalid above 1422.

Support is at the 1386 pivot and then the 1372 pivot.  Resistance is at 1402-1405 and then the recent high of 1422.

SP-500 15-min chart (EOD):


SP-500 60-min chart (EOD):

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