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Sept 2nd, 2010: Update 1 – Pre-Market

Posted by pugsma on September 2, 2010

8:25 pm EST:   ES Futures traded in a tight range of 1077 to 1085 (1078 to 1086 cash equiv) overnight.   So basically it broke out of the small wave 4 triangle and hit my 1086 target area.   That could be it for wave iii-(1) and we’ll start to see the wave iv-(1) pull-back towards 1070 today.   But we could also see a small pop higher to the 1086 level in the cash market. So watch how we open and see if there is any strength left in the upward move for this wave iii-(1).   The key area to hold on any pull-back is to stay above 1061, which in the wave i-(1) high.  Any breach of 1061 would be a wave iv into wave i violation and the current wave higher will have ended.   After the pull-back to the 1070 area, I’m looking for a push towards 1094 to 1100 to end wave (1)-3.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=930f6f3a-4569-4fda-bbbe-7611fb53d16e

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c2fd64a4-8b55-4b80-815c-806192a30ecf

ES Futures Chart:

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