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Nov 29th, 2010: Update 1 – Pre-market

Posted by pugsma on November 29, 2010

8:45 am EST:  ES Futures rose to 1193 (1195 cash equiv) overnight, but have since fallen to a pre-market low of 1179 (1181 cash equiv.).

For the primary count wave ii-(3) of 5-[1]-P3 must hold above the 1176.91.   The first target is 1183 where c=a.

For the alternate count wave iii-(c) of 4-[1]-P3 is underway with a target of near the 1168 pivot.   I’m expecting wave v-(c) to reach at least 1164 and maybe as low as 1144.

Support is a the 1181/1183 gap, then the 1177 pivot.  Resistance is at 1198/1200.

A break through the 1177 moves the alternate count to the primary.

One more option to keep in mind today is similar to the alternate wave (b) flat, but a wave (b) triangle.  We’d be looking for a drop to about 1181/1183 today for wave D-(b).  Then a rise to 1191/1193 to E-(b).  Final ly a drop to 1160 to complete the wave (c) drop out of the triangle and end wave 4-[1]-P3.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=baa9d84a-6475-490c-bb69-dd0cf8522c53

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=7d733d8c-da02-4344-95b8-b4b5a6fa41ee

SP-500 5-min chart (EOD, 11-26-10):

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