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May 9th, 2012: Update 1 – EOD

Posted by pugsma on May 9, 2012

6:40 pm EST: Here is the updated 15-min chart.

Primary count has wave iii-(3) or minor 1 of major [5]-P1-C3 headed for at least 1379, where (3)=1.62*(1).

Alternate (red) count has wave (c) of minor 2 of major [C]-P2-C3 heaced for at least 1373 (38% retrace).

SP-500 15-min chart (EOD):

5:55 pm EST:  Absolutely nothing has changed with the two count since yesterday, save for we have slightly lower low for minor C of major [4]-P1-C3 (primary count) or minor 1 of major [C]-P2-P3 (alt count) at 1343 vs 1348.   The primary count does get the added boost of a 1 month-long positive $NYMO divergence with the SPX price close below the April 10th level of 1358.78 and the $NYMO above the -100 level.

Primary count needs to hold the 1340-50 support zone.   The alternate (red) count needs to break it.   Tomorrow is yet again another critical day.

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

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