Can light Goldstone boson loops counter the `S-argument' against Technicolor?

We examine the oblique correction phenomenology of one-family Technicolor with light pseudo-Goldstone bosons. From loop calculations based on a gauged chiral lagrangian for Technicolor, we are lead to conclude that even though loops with light Goldstone bosons give a negative contribution to $S$ measured at the $Z$-pole, this effect is not sufficiently large to unambiguously counter the `S-argument' against one-family Technicolor. This result cannot be guessed \apriori, but must be explicitly calculated. Our analysis entails an extended version of the $STU$ oblique parametrization of Peskin and Takeuchi. In principle, this extended formalism ($STUVWX$) must be used when there are light new particles in loops.