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Jan 4th, 2011: Update 1 – Pre-Market

Posted by pugsma on January 4, 2011

9:10 am EST:  ES Futures traded up to 1270 (1274 cash equiv.) overnight, but have since dropped to 1267 (1271)  in the pre-market and look to open about flat with yesterdays close.

I’m still looking for wave 3-iii-(5) to reach the 1283 target by sometime Wed, Jan 5th.  And v-iii-(5) to reach 1295 by early next week.  Remember Minor 5 = Minor 1 of [1]-P3 in price and time at 1291 on around Jan 10th.

Support is at the 1257 pivot and resistance at the 1315 pivot.   Remember wave iv-(5) must remain above the wave i-(5) high of 1259.39 in order to remain a valid count.   So basically staying above the 1257 pivot support is the key to further wave (5) extension.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=5ada17fb-0213-4d95-af23-158fd0b31f12

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=4c496ac3-6498-4a4e-93c5-f6c5d33efdb8

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