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July 27th, 2010: Update 1 – Pre-market

Posted by pugsma on July 27, 2010

8:45 am EST:  ES Futures have traded up to 1117 (1121 cash) in the pre-market.  Wave iii-(3) is still unfolding and sub-dividing as mentioned EOD yesterday.   The ES is showing a rising wedge that could play out to as high as ES 1120 to 1124 (1124 to 1128 cash).  I would expect some pull-back or consolidation in a wave iv-(3).   I would expect wave iv-(3) to remain above the the wave i-(3) high of ES 1093 (1097 cash) if this move higher is to continue to advance and most likely wave iv-(4) would stay above ES 1001 (1105 cash).

ES Futures (8:25 am):

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