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Feb 9th, 2011: Update 1 – Pre-market

Posted by pugsma on February 9, 2011

8:20 am EST:  ES Futures dipped to 1316 (1318.5 cash equiv.) overnight.

The cash market rising wedge lower trendline is at about 1319 this morning.  A weak open could gap down beneath it. 

For the primary count (white) yesterday’s high at 1325 could be labeled as the top of iii-(5) and wave iv-(5) must then hold above the wave i-(5) high of 1308.85 to remain valid.  And likely it will need to hold the 1315 pivot support, in order to make a new high above 1325.

For the alternate count (blue) the wave v-(5) of 3-[3]-P3  high can be labeled complete at yesterday’s high of 1325.

Support is at the lower rising wedge channel line at 1319 and then the 1315 pivot.   Resistance is at the high of 1325.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1c60ca74-f20a-4d99-b6cd-5dbfe0ff0dd4

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=7c467656-b199-4f12-b8dc-e3209ec4a395

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