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June 18th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 18, 2010

8:05am EST:  Nothing has changed overnight.  ES Futures were basically flat  hit 1113 (1117 cash equiv).  ES Futures have moved further outside the channel is floating on thin air.  Dr Copper continues to fall and has now hit $2.85 or a 50% retrace from it’s recent high.  Oil is also falling and Gold is soaring.  Looks like the SP-500 is bucking the trend and is ready for a fall.  I have a target of ES 1085 (1089 cash) for wave (2) where c=1.62a.  I’m looking for a sell-off into the close today and continuing early next week as my primary count.

ES Futures (7:51am):

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