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Jan 14th, 2011: Update 1 – Pre-market

Posted by pugsma on January 14, 2011

8:10 am EST:  ES Futures jumped to 1284 (1287 cash equiv.) after-hours yesterday but have since bleed down to 1276 (1279 cash equiv.) in pre-market trading this morning.

It looks like wave iv-(4) may not have completed yesterday at 1280.47 and needs some more time and price to play-out.  Any break below the wave i-(4) of 1272.04 would confirm the move higher is over.   Recall the 38% retrace target is 1278.  There is good support at 1277/1278 and then the gap support at 1274/1276.  Dr Copper is really starting to weaken and is showing negative divergence with the new SP-500 high of 1286.87.

If wave iv-(5) remains above 1272.04, then wave v-(5) of 5-[1]-P3 should be about a 10 point rise, if wave v=i or a 16 point rise if wave v=1.62*i.   I still have the wave v-(5) target area is 1289 to 1292.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=640aed1b-cf53-4e5b-bf24-67cf4ee476f9

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=10c0d911-8603-4a1a-b6df-23cb2351d72a

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