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Oct 18th, 2010: Update 1 – Pre-market

Posted by pugsma on October 18, 2010

8:35 am EST:  ES Futures dipped to 1165 (1169 cash equiv.) and tested the pivot support area of 1168 (cash market) yet again.  It held and ES Futures have bounced to 11172 (1176 cash).

For the primary count, I’m looking for a completion of the wave iv-(5) of 3-[1]-P3 triangle today and thrust out and up to 1192 to 1202 over the next few trading days.

For the alternate count, I’m expecting a the completion of the wave (b) of 4-[1]-P3 triangle today and drop to 1149 to 1158 over the next few trading days.

I favor the primary count 4 to 1 over the alternate.  Watch for the 1168 pivot support to continue to hold in the cash market in support of the primary count.  If it fails to hold then a move towards the 1150 support of the alternate count is likely.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=050e2b19-903d-4709-a96e-24819d3a6344

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0a074f5a-5ca3-4ff7-afc9-42783fd7da63

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