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Aug 30th, 2010: Update 1 – Pre-market

Posted by pugsma on August 30, 2010

8:30 am EST:  ES Futures traded up to 1072 (1074 cash) overnight.  This takes out the the important wave (a)-2-[1]-P3 low of ES 1067 (1069 cash).  Note, a lot of bearish counts have this ES 1067 (1069 cash) low labeled as a wave (1) and thus this rise overnight to 1072 (1074 cash) is wave (4) into (1) violation that breaks this bearish count.

ES is currently trading at 1062 (1064 cash) or roughly flat from Friday’s close.  It’s possible we get another push higher early this morning to finish wave i-(1)-3-[1]-P3 near ES 1067 to 1070 or wave i-(1) could be finished at ES 1063 (1065).  I’m expecting the wave ii-(1) to pull-back to the 1050 to 1056 area.  And I have the wave iii-(1) target of 1088 to 1094.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=63992ce4-a08f-499e-a41e-2ebe8b0b9e83

ES Futures (8:07 am):

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