Aug 31st, 2010: Update 1 – Pre-market
Posted by pugsma on August 31, 2010
8:45 am EST: ES Futures have traded down to 1037.5 (1040.5 cash). Thus, ES hit the cash equivalent 1040 low for third time in the last four trading days.
For the primary count I’m looking for the running flat count for wave ii-(1) to hold above 1039.83. Then a move up in wave iii-(3) towards 1086 to 1094.
If the 1040 level is broken below decisively, then the new alternate count establised after the close yesterday is that the SP-500 is in the final wave (c) of a second Zig-Zag down for wave 2-[1]-P3. This wave (c) down began yesterday from the 1065 level. If (c)=(a), then the target is 1024. But with a double ZZ count, it could come up short of this target. Thus, levels between 1024 and 1040 are possible ending points.
Note, a break below 1011, would invalidate this wave 2-[1]-P3 count completely. At that point, the count would have to move to the alternate count that has this current wave lower off of 1129 as wave [C]-P2 which has a target near 950.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=b47ba213-db8c-461e-95ef-71441fcbb3bf
SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=9ebb3dfc-1bbd-4ed6-8893-deabe49330ff
SP-500 15-min chart (EOD2 8-30):
ES Futures (8:35 am):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.