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Jan 6th, 2011: Update 1 – Pre-market

Posted by pugsma on January 6, 2011

9:29 am EST:  ES Futures hit another new recovery high of 1277 (1281 cash equiv.) overnight and are trading at 1274 (1278 cash equiv) in the pre-market.

The primary count is that wave iii-(5) is underway with a target area of 1285 and wave v-(5) should make the 1291 area by Mon/Tues  next week.  

The new alternate (ascening triangle wave (4) removed) is an extension target for this primary count to 1304/1315 assuming yesterday’s move to 1277 was only wave i-(5) and today will be a wave ii-(5) pull-back to 1268/1270.  Then wave iii-(5) will blast-off to 1295 and v-(5) should make the 1304 or even the 1315 pivot.  This variant to the primary will take a  two more weeks to complete.

Key support is at the 13-day EMA of 1259 and the 1257 pivot.  As long as the 1257 continues to hold, the up-trend is intact.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=91080e4a-35d9-40fc-a7a8-c22ccd4309fd

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ff9d8f91-05bf-43be-8316-3c134f32546c

SP-500 5-min chart (9:30 am):

SP-500 15-min chart (9:30am):

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