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Apr 25th, 2011: Update 1 – Pre-market

Posted by pugsma on April 25, 2011

9:20 am EST:  ES Futures traded up to 1335 (1338 cash equiv.) overnight and are trading at 1332 (1335 cash equiv) pre-market.

Primary count is that wave v-(1) of minor 3-[5]-P3 ended at 1337.49, where v=0.62*i on Thursday 5-21 or has one more small push up towards 1343, where v=i.  The expected  wave (2) retrace is 38% to the 1324 area

The alternate (blue) is for  wave (a) of minor 3-[5]-P3 to end here in the 1337/1343 area and wave (b) of minor 3 to retract to the 1315 area.    This is the ED count for major [5]-P3.

Support  is at the 1331/1333 gap, the 1313/1319 gap and  the 1315 pivot.  Resistance is at the 1340/1344 gap and then 1363 pivot.

This will likely be the only update today, until the EOD update.  I’m very busy this week and will go back to the EOD updates posts only, unless something requires extra attention.

SP-500 5-min chart (EOD, 5-21-11):

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