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Dec 22nd, 2010: Update 1 – Pre-market

Posted by pugsma on December 22, 2010

8:50 pm EST:  ES Futures traded flat between 1249-1251 (1253-1255 cash equiv.) overnight. 

Today we are looking for the completion of iii-(5).  I have a target of 1257 and we came up just bit short yesterday.   After the completion of iii-(5), I’m looking for a small 38%/23% retrace for iv-(5) to 1251/1253, before the wave v-(5) put to 1260.

Keep in mind that this wave (5) can’t be confirmed over until the wave i-(5) level of 1243.75 is breached in the cash market.   This lines up with the 1245 pivot support.  So until that happens wave (5) can extend to the higher targets of 1277, 1291 or 1304.

Support is at the 1245 pivot and resistance at the 1257 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=c340c3f7-2289-4d1f-afce-f71854b5b9c8

sP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0e34f266-e118-4c76-a5fa-9e1d5659ddd9

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