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Aug 20th, 2010: Update 1 – Pre-market

Posted by pugsma on August 20, 2010

7:55 am EST:  ES Futures dipped to 1063.5 (1066.5 cash) and made a new low overnight.   We are looking for the wave v-(c)-2-[1]-P3 bottom today of the primarycount.  There is minor support at ES 1062 (1065 cash) and major support at ES 1054 (1057 cash).  The 1056 level is the 62% retrace point for the wave 1-[1]-3 run up from 1011 to 1129.  If major support at ES 1054 (1057 cash) fails, the next stop is likely around ES 1034 (1037 cash) or the 78% retrace.

Keep in mind that alertnate count has the SP-500 in wave 3-[C]-P2 down and it could be relentless if key support at ES 1054 (1057 cash) and ES 1034 (1037) fails.  The move down to 1011 and below could be swift, if the buyers start to disappear.  Dr Copper is starting to break-down overnight and as Springheel Jack has pointed out the Euro is breaking down as well.  Neither of which are supportive or equities.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=11b9ca43-cbcf-4339-b1ce-41212633392b

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=4df767d6-fd35-49c8-b330-0c3d26d0c3c7

ES Futures (7:12 am):

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