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June 7th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 7, 2010

7:53am EST:  ES Futures dipped to 1052 (1055 cash) overnight and have since climbed up to 1069 (1072 cash).  So far the 1041 cash market level has held.  It’s possible the 3-3-5 flat for wave (2) has completed.  We’ll need to watch to see how strong the initial move up for wave (3) begins to know for sure.  They key resistance level to cross is the 1105/10 area.  Note that that the 1st alternate count is parallelling the primary count at this point on the move up.  For the 2nd altenate count that we are in wave (5)-[A]-P2 down of a leading diagonal triangle.  Wave a-(5) maybe in the books  and we will be bouncing up in wave b-(5) to about the 1080 area before a drop in c-(5) to new lows below 1041.  Targets are in the 1010 to 1030 area.  So we’ll need to watch for weakness on the move back up today.

SP-500 ES Futures (7:33am):

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