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June 16th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 16, 2010

8:42am EST: The ES Futures have traded down to 1101 (1105 cash equiv).  However they are still in a clearly defined channel.  The bottom of the channel is at around 1098 (1102 cash equiv.)   It this channel breaksdown,  I’m looking for a wave (2) retrace to the 1082  (1087 cash equiv.)  or a 38% retrace for the primary count.  In my alternate count I have this 1098 (1102 cash equiv) area as the low for wave iv-(3) before v-(3) continues to 1126 (1130 cash equiv), so the price should stay inside this channel.

SP-500 ES Futures (8:33am):

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