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June 28th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 28, 2010

7:30am EST:  ES Futures have traded up to 1180 (1084 cash).  Both the primary and alternate counts are point up.  For the primary count it looks like c-2-[C]-P2 is underway with a target of ES 1088 (1092 cash) if c=a or ES 1096 (1100 cash) if c=1.62a.   However, the thing to watch out for is Dr Copper.  The impressive move  up for Dr Copper says that the SP-500 is going break the 1131 high and thus bring the alternate count of C-[B]-P2 into play.  C-[B]-P2 has targets in the 1150 to 1182 area.

Obviously any break-down below ES 1063 (1067 cash) would mean wave 1-[C]-P2 down is not yet over.  The ES is outside the down channel so this is less likely at this time.

ES Futures 6-28-10 (7:10am):

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