May 3rd, 2012: Update 1 – EOD
Posted by pugsma on May 3, 2012
4:45 pm EST: Primary count is that wave v-(c) of minor 2 of major [5]-P1-C3 is underway headed for a target at 1382, where (c)=(a) or a 62% retrace. And there is an outside chance of (c)=1.62*(a) target of 1370 or a 78% retrace being reached. Note: a move above 1395.32, before 1388.71, will invalide the sub-minuette degree count and likely means that the minor 2 low is in place at the 50% retrace target of 1387. The primary count for minor 2 remains valid above 1359. Once minor 2 is complete, I have the minor 3 target at 1470, where minor 3 = 1.62*minor 1. Ultimately I have major [5]-P1-C3 ending in the 1475 to 1504 range sometime in mid-to-late June.
The 1st alt (blue) count is that minor 4 of major [5]-P1-C3 completed today at 1388 and minor 5 is headed up to a target in the 1423 to 1440 range over the next few days to a week (i.e. mid-May). If minor 4 is not over and heads lower, then a drop below 1375, will invalidate this 1st alternate (blue) count.
The 2nd alternate (red) count complete waves i-ii of wave (1) of minor C of major [A]-P2-C3 today. The next move lower is a wave iii of (1) with a target area of 1370 and I think v of (1) will reach the 1363 pivot area. Ultimately I have major [A]-P1-C3 reaching the 1303 to 1315 pivot area. A move above 1404 will invalidate this 2nd alternate (red) count as labeled and ultimately a move above 1422 will invalidate it completely.
Support is at the 1386 pivot range (1379 to 1393). Resistance is at the previous high of 1422.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-min chart (EOD):
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