Oct 11th, 2010: Update 1 – Pre-market
Posted by pugsma on October 11, 2010
9:05 am EST: ES Futures traded up to 1165 overnight. But they have been relative flat and have respected the upper trend-line.
I’m looking for wave v-(5) to end somewhere between 1168 and 1175 in the end diagonal count. If 1175 is exceeded, then the ending diagonal is count is out and I’ll need to recount the entire wave (5). It’s possible the SP-500 is still in wave iii-(5) in some type of nested of 1-2, i-ii count. This would mean wave (5) could extend to the 1190 to 1200 area.
To the down side, a break of the green rising wedge (at 1160 this morning and 1165 EOD) and then the blue channel (at 1150 this morning and 1152 EOD) will indicate the wave up is ending.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e76681bc-9575-4acf-b2f7-b4ae4e48faf2
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6f8ccef4-ffd9-4ff1-bd30-496123b2e206
ES Futures (8:40 am):
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