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Oct 15th, 2010: Update 1 – Pre-market

Posted by pugsma on October 15, 2010

9:00 am EST:  ES Futures dropped to 1170 (1174 cash) overnight and then jumped to 1180 (1184 cash) on this morning economic data.

The primary count is that the wave 2-iii-(5) low was put in yesterday afternoon at 1166.  The next move should be a wave 3-iii-(5) higher.  I have an initial target of 1190 to 1195 for wave 3-iii and a target of 1204 for wave 5-iii.  Ultimately I’m targeting 1215 for wave (5)-3-[1]-P3 to end this move higher.

The alternate count at the EOD was a wave iv-(a), that could not violate 1173.80.  That will likely be violated at the open today.  So that alternate count will then eliminated.  I will then remove the alternate count at this time, until I see more price action.

The supports are at the pivots of 1168 and 1177.  And the resistance is at the 1196 to 1200 area.

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=e78f00e9-06bf-427a-ba42-0341a02cdf62

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=a7cc9a88-6ac2-4210-b3c0-93cdb31733dc

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