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Jan 25th, 2011: Update 1 – Pre-market

Posted by pugsma on January 25, 2011

8:30 pm EST:  ES Future rose to 1291 (1294 cash equiv.) overnight, but have dropped to 1282 (1285 cash equiv.) in the pre-market trading.

For the primary count it looks like wave (2) of A-[1]-P3 may have ended at 1291.93 yesterday afternoon.    A gap down this morning followed by a day long distribution and follow through below 1278 support will indicate this count is correct.  The wave (3) target is 1256, where (3)=1.62*(1).

For the alternate count it looks like wave iii-(5) of 5-[1]-P3 of the Ending Diagonal ended at 1291.93 yesterday afternoon.  Today’s weakness would be wave iv-(5), but it must hold above 1282.47 to remain valid.  If 1282.47 holds, then wave v-(5) could reach a marginal new high above 1296.06.

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

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=89631469-64de-49b0-8988-8cabf2691aa2

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c29986b2-aaaf-481c-a7a8-583a02811f46

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