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Mar 11th, 2011: Update 1 – Pre-Market

Posted by pugsma on March 11, 2011

8:30 am EST:  ES futures (March) dipped to 1284 overnight and have since recovered to 1292 in the pre-market.  ES futures (March) are on-par with SPX cash.

The primary count (white and blue) is looking for the wave (y) of minor 4-[3]-P3 to be put in today or Monday between 1282 and 1294.   1282 is the (y)=(w) target and 1285 is the v=i target.  From this low minor 5 should head higher.

The alternate (red) count is looking for wave (3) of minor C of [4]-P3 to reach the 1273 area over the next two days.   1273 is where (3)=1.62*(1).   There could be wave (4) next week and then more selling in wave (5) down to targets from 1251 to 1270.

Support is at the 1291 pivot and then the 1286 gap support.  Resistance is at the 1303 pivot and then the 1315 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=ee337abb-dfba-4365-8eea-e90c05d3b848

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=4ba8fa52-df1e-42f9-816a-adfe6ca03337

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