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Feb 16th, 2011: Update 1 – Pre-market

Posted by pugsma on February 16, 2011

8:10 am EST:   ES futures rose to a new recovery high of 1333 (1335 cash equiv.) overnight and have settled back to 1330 (1332 cash equiv.) in the pre-market.

The primary count is wave v-(5) of 3-[3]-P3  is underway with a target zone of 1335 (W5=W1) to 1340 (W5=1.6*W1).  The absolute maximum target for this count is 1342, beyond which wave iii-(5) becomes the shortest and invalidates the count.  In this case the alternate count is to move wave iii-(5) to the previous high of 1333 and wave iv-(5) to the 1325 low, allowing wave v-(5) is to extend to the 1363 pivot resistance (note this was the old alternate count from yesterday).

Support is at 1325 then the 1315 pivot.  Resistance is at the previous high of 1333 and then the 1363 pivot resistance.

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=5f7916b9-8804-4425-ad52-7c8ad78da7fe

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2b32e842-39e1-46fb-833c-7063b64fa0ab

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