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July 28th, 2010: Update 1 – Pre-market

Posted by pugsma on July 28, 2010

8:40 am EST:  ES Future swung through a range of 1108 to 1116 (1112 to 1220 cash) overnight, testing the range from yesterday’s cash market.  The primary count is that is all part of wave iv-(3), and that once enough consolidation has taken place, wave v-(3) will push higher toward the 1131 to 1137 target area.  Alternately, if we get a deeper retrace down to ES 1096 (1100 cash), then wave (3) is likely over and we are putting in wave (4).  Ultimately holding above 1085 (1089 cash) is the key for this entire wave to move higher.   The  ES 1085 (1089 cash) level can’t not be breached on any pull-back to maintain the current count of reaching much higher levels of the 1130, 1150 and 1200.

SP-500 15-min Chart real-time link:

ES Futures (8:10 am EST):

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