Mar 10th, 2011: Update 1 – Pre-market
Posted by pugsma on March 10, 2011
9:00 am EST: One additional option that is viable related to a possible primary count for minor 4 ending a 1294.28. There is a possible flat count for a wave (2) of minor 5 (i.e first move to 1332 was (1) and then the drop to 1302 was a-(2), rise to 1332 was b-(2) and now drop to 1300/1302 is c-(2). In which case 1303.99 could be broken intra-day and test of the 1300/1302 area would complete the wave c-(2) of the flat. And this wave c-(2) of the flat can remain valid all the way down to 1294.28. This is a count watch closely today if 1303.99 in breached intra-day.
8:50 am EST: ES futures (march contract) dropped to 1304 overnight holding the 1303 pivot support and are now trading at 1308/1310 in the pre-market.
Based on the weakness pre-market the EOD 3-9-11 triangle counts have been adjusted as follows:
For the primary count the (d) wave up ended at 1325.74. And yesterday was waves a-b of the (e) wave and wave c-(e) down toward the 1306/1308 area is underway. For the triangle to remain valid the 1303.99 level must hold intra-day.
For the alternate count wave (c) up ended at 1325.78 and the wave (d) down to 1306/1308 is under way with a wave (e) up to 1315/1318 yet to come to complete minor B. To remain valid the 1332.28 level must hold intra-day. There is also my original count from a day ago that has the (e) complete at 1325.27, in which case the 1303.99 level should be broken intra-day today and the move down to in minor C should carry to the 1270/1274 area over the next week.
I have updated 3-9-11 EOD charts according to the reflect these changes.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=5d9b7665-e2a1-4262-9ff6-11709a37dedc
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=cd12cf1e-f153-4105-a920-3895788ad359
SP-500 5-min chart (EOD, 3-9-11):
SP-500 15-min chart (EOD2, 3-9-11):
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