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Oct 14th, 2010: Update 1 – Pre-market

Posted by pugsma on October 14, 2010

8:40 am EST: ES Futures traded up to 1181 (1185 cash equiv) overnight retesting the cash market high from Wednesday.

For the primary count, I’m looking for wave 4-iii-(5) of 3-[1]-P3 to test the 1173 to 1177 area today (note it already tested 1177.8 yesterday so this wave 4 could be done) and then wave 5-iii-(5) to head towards 1195 tomorrow going into to Monday.

For the alternate count, I’m looking for wave (a) of 4-[1]-P3 to head towards 1162 breaking through the 1177 and 1168 pivot supports heading into Friday.

The key today is to watch the 1168.68 level as it separates the two counts.  If the SP-500 holds above 1168.68, then it’s likely headed to new highs above 1184 with targets of 1195 and then 1215.  If it breaks below 1168.68 this it’s like head to at least 1150 and maybe 1130.

SP-500 5-min chart real-time: http://www.freestockcharts.com?emailChartID=2dfdae74-eeae-4bfa-bcb5-457dc9ddc1d6

SP-500 15-min chart real-time: http://www.freestockcharts.com?emailChartID=19406852-c3ce-48e2-9222-01588e421086

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