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Aug 25th, 2010: Update 1 – Pre-Market

Posted by pugsma on August 25, 2010

8:50 am EST:  Looks like wave 4 of v-(c) has played out as a decending triangle and it broke lower this morning with ES hitting 1042 (1045 cash).   I’m mooking for this wave 5 of v-(c) to finish today between ES 1034 (1037) to ES 1040 (1043) area.  From this area I’m looking for a bounce to at least ES 1064 to 1074 (1067 to 1077) and possibly much higher depending on which of the three counts I’m trackng plays out.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=845d0c29-9fa2-4ac6-8597-7c2dd8dc4cc4

ES Future Chart (8:25am):

SP-500 15-min chart (EOD 8-24, revised 8-25 AM):

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