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Nov 18th, 2010: Update 1 – Pre-market

Posted by pugsma on November 18, 2010

8:15 am EST:  Bullish Booya!  ES Futures have traded up to 1191 (1193 cash equiv.).

Right now as I type, the ES is at 1189 (1191 cash equiv), which if it holds to the open represents a gap up open of 12 points on the SP-500 cash index.  This would gap the SP-500 above key resistance of the 1187 pivot.   As I said late yesterday the directional break of the small b-wave intra-day triangle was BIG clue as to way the SP-500 was going to do next.  It broke down from 1183 to 1176 and put in a wave ii-A-(b) telling me that a large wave iii up was due next. 

Today I’m looking for waves iii-iv-v of A-(b) to be put in with a high near the upper channel line and 1195/1197 gap.  After this I’m looking for a B-wave of (b) back down to test the 1187 pivot support and a C-wave of (b) up to test the 1213/1219 gap. 

 I’m still looking for this minor wave 4-[1]-P3 to play-out as a large symmetric contracting triangle.  However, realize wave (a) price low has been put in at 1173, so you won’t likey get a better price to go long before minor wave 5-[1]-P3 launches to the 1251 price target.  The triangle will now just buy time over the next few weeks.   And there is the possibility with this large gap up that the minor wave 5-[1]-P3 is launched from the 1173 low without the triangle and then the count is that we are in wave iii-(1) of 5-[1]-P3 with same target area as the complete of the triangle wave (b) at the 1213/1219 area.

For today support is at 1177 and 1187 pivots and resistance is at the  upper down channel line and the gap resistance at 1195/1197.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=1743b23c-7c1d-4b49-9c41-424b1b452018

SP-500 15-min chart (EOD, 11-17-10):

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