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May 16th, 2012: Update 1 – Mid-day/EOD

Posted by pugsma on May 16, 2012

5:15 pm EST:  Here are the updated 60-min and 4-hr charts.

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

4:45 pm EST:  Key day tomorrow.  If the primary or alternate (blue) counts are correct, then the intermediate (primary) to short-term (alt blue) low is in place or there could be a slight move down tomorrow morning to hold around 1318-1322 and then a strong bounce to at least the 1363 pivot area.  If the alternate (red) count is correct, then the SP-500 should gap down in a iii-(3) of minor 3 move headed for 1311, where iii = 1.62*i and then 1298, where (3) = 1.62*(1).

SP-500 15-min chart (EOD):

12:10 pm EST:  Nothing new to report on the counts today.  All three colors still on the table.  Best bulls can hope for might just be a slow grind down inside the falling wedge to the 1318-1322 target zone for the end of major [4]-P1-C3.  Best bears can hope for is “panic sell-off” in a iii-(3) of minor wave below the 1303 pivot, which would be light-out on the bullish count as a breach of  the major [1]-P1-C3 high of 1293 would be very likely in this scenario.

I’m busy this afternoon at my engineering job, so is the only update for today.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=855ef5de-f7c2-4786-beaf-4e1056a24a60

SP-500 15-min chart (12:00 pm):

SP-500 60min chart (12:00 pm):

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