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Oct 26th, 2010: Update 1 – Pre-market

Posted by pugsma on October 26, 2010

8:15 am EST :  ES Futures dipped to 1179 (1182 cash equiv) this morning.

The primary count is that the ED for wave v-(5) of 3-[1]-P3 ended yesterday at 1196.14.   Currently wave (a) of 4-[1]-P3 is underway.  Specifically, the SP-500 is in wave iii-(a) headed towards the 1160 to 1165 area.   For this count to remain valid SP-500 must remain below the wave ii-(a) high of 1191.44 put in yesterday afternoon.

The alternate count is wave iv-(5) of 3-[1]-P3 will be put in around 1181 this morning and then wave v-(5) will head for a new high above 1196.14.   The potential high for this wave v-(5) of the larger ED is in the 1202 to 1206 area.  There is an open gap in the 1197 to 1202 from April 2010 left open that could be the target.

The key to watch today is the 1177 pivot support area.  If it holds, then another move higher could materialize.   If it fails, then it opens the door for test of the 1168 pivot and below.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=dde713fb-e82b-4113-945d-29b7228cf6da

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c9f8d54c-2445-4841-8aa7-03354ed8df9b

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