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May 2nd, 2012: Update 1 – Mid-day

Posted by pugsma on May 2, 2012

11:25 am EST:  Here is a quick update on the counts.  With the breach of 1394.00 this morning some small adjustments must be made to the primary and alternate (blue) counts.

For the primary count, minor 1 of major [5]-P1-C3 counts as complete at 1415.   A minor 2 correction is currently underway that should hold the 1386 pivot support area. (i.e. 1379 to 1393) and the lower light blue channel line.   The initial drop from 1415 to 1393.92 can be viewed as wave (a) of minor 2 and now a (b) bounce to 50% retrace of 1404 is underway.  The targets for wave (c) of minor 2 are the 50% retrace target of 1387 and the 62% retrace target of 1380.   The new minor 3 target is 1470, where minor 3 = 1.62*minor 1.  And the major [5]-P1-C3 target area is 1475 to 1504 (as seen on the 60-min chart).

For the alternate (blue) count I’m looking at this mornings back-test of the 1392 IHS neck-line as the completion of an irregular flat for minor 4 of major [5]-P1-C3.   I’m still looking for major [5]-P1-C3 to top out between 1422 and 1428 at the IHS target area.

The 2nd alternate (red) count will gain some momentum only on a break of the 1386 pivot area.

SP-500 real-time link: http://www.freestockcharts.com?emailChartID=08f17a1e-1166-4894-971d-700911d912e1

SP-500 15-min chart (11:08 am):

SP-500 60-min chart (11:11 am):

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