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July 26th, 2010: Update 1 – Pre-market

Posted by pugsma on July 26, 2010

5:30 am EST:  ES Futures traded up to 1104 (1108 cash) overnight and have since retreated to ES 1098 (1102 cash).   For the primary count of  wave iii-(3), ES needs to stay in the upper channel above 1092 (1096 cash) and continue the the march towards ES 1125 (1131 cash).   But it won’t be a straight run to ES 1125 (1131 cash) as there is resistance at the 200-day SMA of ES 1109 (1113 cash) up ahead.  Also, remember the neckline of the inverse head and shoulders on the 15-min chart is at ES 1093 (1097 cash), so there may be a back-test of this neck-line today before moving higher in wave iii-(3). 

If we are in the alternate count were wave i-(3) is just completing at ES 1104 (1108 cash), then a pull-back for wave ii-(2) into the lower channel towards ES 1084 (1088 cash) will transpire before wave iii-(3) begins. 

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ce52cee5-67fc-4da3-9fdc-f74c77f9a9c9

ES Futures (5:03 am):

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