Dec 7th, 2010: Update 1 – Pre-market
Posted by pugsma on December 7, 2010
8:35 am EST: ES Futures have traded up to 1234 (1235 cash equiv.) overnight and into the pre-market hours. As noted in the comments section during after hours trading yesterday evening there was an ES triangle wave iv-(1) that measured 14 points and targeted 1234, with a maximum of 1241.
With the gap up and over the 1229 pivot today, I’m expecting wave (1) could run past the 1233, v=i target. There is over-head channel resistance between 1236 and 1241 today. After minute degree wave (1) completes, there will be a wave (2) pull-back. However, now that the 1229 pivot has been cleared the pull-back could be some type of small running flat that remains above the 1219 pivot and near the 1229 pivot. Remember the minor degree wave 5-[1]-P3 targets range from 1251 to 1291. The large IHS target is 1251 and the minor W5=W1 is at 1291. The melt-up could continue to 1291 with very small pull-backs.
Resistance today is at the over-head channel at 1236/1241, then the 1257 pivot. Support is at the 1229 pivot and then 1219 pivot.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9ddeafab-3805-4bbf-a160-e7fd98fb895d
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2d0614ae-e400-4bd7-9d50-c27984855e1c
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