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Aug 5th, 2010: Update 2 – Pre-market 2

Posted by pugsma on August 5, 2010

9:25 am EST:  ES futures have dropped to 1117 (1120 cash) and broken the small rising wedge for wave v-1-(3). The wave 1-(3) up has ended and the correction for wave 2-(3) has arrived.  First key level to watch is the 38% retrace of ES 1112 (1115 cash).   This is also the 200-day SMA area.   If this area fails, then look for a drop to ES 1102 to 1106 (1105 to 1109 cash) for the 50 to 62% correction and the gap area.

ES Futures (9:14 am):

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