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Sept 3rd, 2010: Update 1 – Pre-Market

Posted by pugsma on September 3, 2010

8:25 am EST:  ES Futures stayed in tight range of 1086 to 1092 (1087 to 1093 cash equiv).

The primary count is wave iii-(1) has ended at 1090 and we are looking for a pull-back in wave iv-(1) to at least 1079 (23% retrace) and possibly to the 38% retrace of 1071.   However, I can not rule out that wave iii-(1) could extend higher on a better than expected August Jobs Report.  If we do head higher look for resistance first at the 1094 gap and then at 1100.  To the downside, any correction my remain above 1061 in over to prevent a wave-iv into wave-i voilation.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=43162ec4-00be-4697-9baa-6034406e6f86

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6ea03194-d6ad-4846-820d-5525a43fc96b

ES Futures ( 8:17 am):

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