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Feb 15th, 2011: Update 1 – Pre-market

Posted by pugsma on February 15, 2011

8:45 am EST:  ES Futures traded down to 1325 (1327 cash equiv.) overnight and are trading at 1326 (1328 cash equiv.) in the pre-market.

Primary count is that wave v-(5) of 3-[3]-P3 ended at 1333 yesterday afternoon.  Wave i-(a) is down is underway.

Alternate count is that wave iii-(5) of 3-[3]-P3 ended at 1333 yesterday afternoon.   Wave iv-(5) should hold support near 1325 or above the 1315 pivot support.  I’m looking for wave v-(5) to reach eaither 1346 or 1359.

Support is at 1325 and then 1315 pivot.  Resistance is at the previous high of 1333.

I strongly favor the alternate count unit the 1315 pivot support is broken and the 1308.86 wave i-(5) high is breached intra-day.  The trend still up until those two things transpire.   This is one of those rare cases where the alternate is my primary, but I have just not taken the time to re-label the charts.  I will try to make the switch in lables today, if the support levels hold.

Looks like freestockcharts.com website is down this morning.  I will provicd the real-time links in the next update.

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