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Dec 1st, 2010: Update 1 – Pre-market

Posted by pugsma on December 1, 2010

8:15 am EST:  ES Futures dropped to 1177 in after-market trading yesterday and have since raced upward to a high of ES 1195 (1196 cash equivalent).

As I was telling everyone all day yesterday during the intra-day updates, I was convinced my primary count was correct and a large gap up and a 2 to 3% up day likely.  Well the SP-500 is up +1.4% this morning.  Let’s see if it can follow-through and close above the 1200 level.

Primary count has this move as wave iii-(1) of 5-[1]-P3 is underway with a target of 1219, iii=2.62*i.

Resistance is at 1200 and support is at 1187 and then 1177.

I will add the real-time charts in the first protected post of the morning.

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