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Jan 24th, 2011: Update 1 – Pre-market

Posted by pugsma on January 24, 2011

8:30 pm EST:  ES Futures traded up to 1285 (1288 cash equiv.) overnight and is trading between 1278 and 1281 (1281 to 1284 cash equiv.) pre-market.

For the primary count, I’m looking for a iii-(3) of A-[2]-P3 to break-down today and head towards the 1257 pivot over the couple of days.

For the alternate count, the wave C-(4) of 5-[1]-P3 should hold support above 1278, then waves D and E of the wave (4) triangle should finish out before wave (5) charges ahead to set a new high near the 1303 pivot.

Support is at 1278, then 1271 and the 1257 pivot.  Resistance is at the 1291 pivot and then the 1303 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9917f1ee-5e3b-4af5-a598-8d20b6364058

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=fab88ce6-65ab-430d-a418-8b0584e40ef5

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