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Oct 27th, 2010: Update 1 – Pre-Market

Posted by pugsma on October 27, 2010

8:25 am EST:  ES Futures traded down to 1174 (1177 cash equiv.) and bounced.  Again testing the 1177 pivot support.

For the new primary count I’m looking for a target of 1173 for c of (c) of  the 4-[1]-p3 contracting triangle .  Wave c=a indicates a 14 point drop from the wave b area of 1187 to 1173.  From there wave (d) should target the 1189 area .  And finally wave (e) should retest the 1177 pivot area before wave 5-[1]-P3 launches higher towards 1232 to 1251.  See the 15-min chart below for details.

The key to watch today are the 1177 and then 1168 pivots supports.  Also the 13-day EMA resides at 1174 and should  provide support.  This c of (c) wave lower should hold above the 1168 pivot.   If the SP-500 were to fall be the 1168 pivot the primary count is wrong and SP-500 could be headed for 1137 to 1150 in the count I was showing the last few days.   I will keep that count as the alternate count if case there is more weakness than expected.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=c9a5a212-2db4-4a7a-af38-b3636a2a7fa1

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=97cf2aa4-d23e-463e-b200-e4efc04853f2

Sp-500 5-min chart (EOD, 8-26):

SP-500 15-min chart (EOD, 8-26):

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