June 4th, 2010: Update 3- Pre-Market
Posted by pugsma on June 4, 2010
9:22am EST: Don’t forget the gap at 1065 to 1074 was not fully filled on the last drop to 1070.
9:07am EST: The May jobs number disappointed and down the ES futures went to 1077 (1080). I’m now considering the possibility that we are still in wave (2) and it will be a 3-3-5, a-b-c flat. So the rise from 1041 to 1104 was wave (1). The drop from 1104 to 1070 was the a-wave of (2), the rise to 1106 yesterday was wave-b of (2) and now we are in the a 5-wave drop down towards 1070 in the c-wave of (2). A drop be the 1065/70 area in the cash market today, could signal a new low below 1041 is on the near term horizon. Remember the 1065 is the 62% retrace from the 1104 area.
SP-500 ES Futures (8:37am):
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