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Dec 8th, 2010: Update 1 – Pre-market

Posted by pugsma on December 8, 2010

8:45 am EST:  ES Futures traded down to 1218 overnight and have risen to 1223 in pre-market trading.   The ES move  to 1218 counts as 5-waves down off the ES 1235 high.   This is bearish and something to be aware of if market continues to move much lower.

For the primary count we are looking for a minute degree wave (4) correction into the 1221 area (23% retrace) as a first target.  And the low end range of the wave (2) would the 38% trace target at 1212.   We could see a potential complex corrective around the 1219 and 1229 pivots (i.e. triangle) that buys time as much as price.

Support is at the 1219 pivot and resistance at the 1229 pivot, then the 1235 high.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e38c3965-86d9-4804-a524-26f083a98b87

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=5917f407-b1d9-4e9a-96a3-981e4221da80

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