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Mar 16th, 2011: Update 1 – Pre-market

Posted by pugsma on March 16, 2011

8:45 pm EST:  ES Futures (June) dropped to 1266 (1271 cash equiv) overnight and have since risen to 1275 (1280 cash equiv.) in the pre-market.

For the primary count (white) I’m looking for a wave (2) pull-back to hold in the 1271 to 1278 range for a 38% to 62% retrace of wave (1).   From there, wave (3) of minor 1 of [5]-P3 should head toward the 1320 area.   A drop below the 62% retrace level of 1271, could mean alternate count is in play.  The limit for this wave (2) is the 1261.12 low to remain valid.

For the alternate count (blue) I’m looking for wave (5) of minor C of [4]-P3 to continue to drop towards a target of 1251 to 1257.   A move back above the wave (1) low of 1312.59 will invalidate this count.

Support is at the 1257 pivot, the 1247/1250 gap and then the 1247 pivot.   Resistance is at the 1291 pivot and then the 1303 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=df098ec5-7f98-4b86-a802-046d5329c3c4

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8a0900d0-ba77-424b-9e7c-c5c3ec35f865

SP-500 5-min chart (EOD, 3-15):

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