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Sept 8th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 8, 2010

8:00 am EST: ES Futures traded down to 1086 (1087 cash) and have since popped back up to 1096 (1097 cash).

I’ve mentioned this several times here before, but as a guideline a wave iv typically likes to retrace back to the wave 4 of lesser degree.  The wave 4 of iii ended at ES 1086 (1087 cash), and that is where wave iv has apparently ended overnight in the ES Futures.  I’m looking for wave v-(1) to target the 1110 to 1115 area.  However, any high above 1105 will satisfy the wave v-(1) making a new high.  There is strong resistance at the 1115 area, which is the 200-day SMA. 

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=b0231cb7-54f8-4cfc-a88a-2118ba8b889b

SP-500 15-min chart real-time link:    http://www.freestockcharts.com?emailChartID=59067b24-95e1-4caf-80ce-1b7292b9b5b6

ES Futures (7:33 am):

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