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Jan 31st, 2011: Update 1 – Pre-market

Posted by pugsma on January 31, 2011

8:15 pm EST:  ES Futures gapped down to 1265 (1268 cash equiv.) overnight and have since had an impressive rally to 1277 (1280 cash equiv.).

The primary count is that wave (a) of 4-[3]-P3 bottomed on Friday at 1275.  The wave (b) bounce should reach the 50% retrace level of 1289.   Then the wave (c) target is 1261 if (c)=(a), which will end the wave 4-[3]-P3 correction.   The wave 5-[3]-P3 target is 1352 by April.

One variant of the primary count that should be monitored is that the drop to 1275 could have been a wave (4) of 3-[3]-P3 flat.  And now wave (5) of 3-[3]-P3 would continue on upward to make new highs above 1303 to at least 1315 or even higher.

Minor support is 1271, then 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=ce5db44c-a257-4f94-9ef7-0a0dabceb27f

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=253ca57a-a0b6-4a95-8efa-37d159c94292

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