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July 30th, 2010: Update 1 – Pre-market

Posted by pugsma on July 30, 2010

9:15 pm EST:  As I suspected given yesterday’s price action, the low for this correction was not yet in.  ES Futures have traded down to 1083 (1087 cash).  I have a couple targets for the wave (2)-3-[1] of the primary count at ES 1077 (1081 cash) 50% retrace and ES 1085 (1089 cash) 62% retrace.  ES has exceeded the first target so ES 1077 (1081 cash) could be in play.  The 50-day SMA sits are 1081 to provide some support. 

If the SP-500 does not hold ES 1077 (1081 cash), then the uptrend is in serious jeopardy and the alternate count shown EOD last night is in play with a deeper retrace to ES 1049 (1053 cash) 62% to ES 1062 (1066 cash) 50% retrace.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=24ffd191-bf6b-45ad-9612-19f6a3dc81ac

ES Futres (8:54 am):

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