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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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