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Dec 28th, 2010: Update 1 – Pre-market

Posted by pugsma on December 28, 2010

8:40 am EST:  ES Futures hit a new recovery high of  1256.5 (1260.5 cash equiv.) overnight.

Primary count has wave v-(5) ending today at 1260/1262.  However, it’s possible this could stretch a bit further to 1265.  Beyond 1265 and we are looking at the alternate count.

Alternate count has wave b-ii-(5) ending today at 1260/1265 and then a wave c-ii-(5) drop to 1245/1250 going into the end the week.  This is a wave ii-(5) flat or expanded flat scenario.   However,  it’s also possible that the wave ii-(5) low was put in at 1251 yesterday and that wave iii-(5) is already underway headed to 1291 to 1304.

Support is at 1257 and 1245 pivots.  Resistance is at the 1315 pivot.  Yes that’s right, if the SP-500 moves a little further above the 1257 pivot, it’s off towards 1315 as part of the alternate count.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=46f3262e-e6be-4b12-8644-d00e8d268aac

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8a755eab-d876-45b3-87c6-5558b5b8ed65

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