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Aug 12th, 2010: Update 1 – Pre-market

Posted by pugsma on August 12, 2010

8:05 am EST:  ES Futures traded in a wide range from 1074 to 1087 (1077 to 1090 cash) overnight.   They currently in the middle of that range at 1081 (1084 cash).   ES looks like a bullish falling wedge pattern.  

The cash market targets for completetion of the wave (5)-C of 2-[1] are 1084 (38% retrace of wave 1-[1]) and then 1070 (50% retrace).  As I mentioned last night, 1084 is also the 62% trace of the rise from 1056 to 1129.  If this area around 1084 holds in the cash market, it could give rise to a modified primary count from a couple of days ago.  I will wait to see what happens  today before going back to that count.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=d8847bab-f433-48c2-a2da-23c187fdb350

ES Futures Chart (7:44 am):

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