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Sept 14th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 14, 2010

8:50 am EST:  Sept ES Futures traded in tight range from 1117 to 1124 (1117 to 1124 cash) overnight. 

I’m sticking with the primary count that wave v-(1) topped at 1124 yesterday and the SP-500 is a wave (2) correction headed towards 1072 (62% retrace) to 1092 (38% retrace) over the next 5 to 10 trading days.  Dr Copper dropped again overnight has been diverging with the SP-500 since Sept 3rd. This type of divergent Dr Copper behavior has marketed the past 4 intermediate tops in the SP-500.  I’m watching for a break down below the SP-500 1111 to 1113 gap to confirm this count.

The alternate count is that we are in wave 4 of v-(1) and the SP-500 will peak at around 1129 in wave v-(1) today or tomorrow.  The SP-500 must remain above the 1111 to 1113 gap to keep the possibility alive of a new high above 1124.  And if this count plays-out there is the possibility of a 5th wave extension beyond 1129 to the 1135 to 1140 area.  The 1137 is a key pivot point and key resistance level.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=f6a8adcb-11df-410c-9856-edcfd641ce8e

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=32ca6a9b-8c81-4cf3-841b-d4d62c473088

ES Futures (8:20 am):

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