May 3rd, 2010:

5:45pm EST:  The SP-500 broke every so slightly out of the large contracting triangle to the upside on the move to 1205 today.  And it was a bullish close back above the 13-day EMA of 1198.  For the primary count of i-(3)-5-[5]-P1, I believe there is one  more wave up to 1210 to confirm, which would invalidate both of the wave 4-[5]-P1 alternate counts of the large contracting triangle (purple) and large A-B-C Zig-Zag (red).  The large triangle count could trade down to 1188/1190 in the E-leg before breaking higher in wave 5-[5]-P1.  The triangle target measure to 1260.  The C-leg of the large A-B-C could trade down to 1170 (C=A) or even 1140 (C=1.62A).  The 1140 target coincides with the Head and Shoulders pattern that measures 40 points and has a neck-line a 1180.  Attached below is my 60-min chart EOD. 

I have re-done both my 15-min and 5-min charts EOD, with some near term targets and confidence levels on all three of the counts.  This information was sent to my premium service subscribers.  Also, the premium subcribers are going to be receiving a hyper-link to my real-time 15-min and 5-min charts so that the can watch the trend-line breaks and have access to my counts throughout the trading day.  It's not to late to join the PUG Alert Newsletter Service for May, as we just getting under-way with some new features.

SP-500 60-min Chart (EOD):

10:20am EST:  I got busy this morning and could not post to the blog this morning.  But I did generate a ES Futures chart for my premium service subscribers.  So here is the ES Futures chart from 7:40am this morning.   The primary count is that the (2)-5 bottom came at 1186 on Friday and that today we began the wave (3)-5 up to a 1225/30 target area.  The alternate is shown in purple and is either an A-B-C correction for wave 4-[5] off the 1220 peak with a 1170 target or an A-B-C-D-E triangle for wave 4-[5], with legs A-B-C complete and the D-leg up to the 1200/02 in progress with E-leg down to 1190/92 yet to come.

SP-500 ES Futures (7:40am):

SP-500 15-min Chart (EOD 4-30-10):