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Oct 28th, 2010: Update 1 – Pre-market

Posted by pugsma on October 28, 2010

8:00 am EST:  ES Futures traded in tight range between 1178 and 1183 (1181 and 1186 cash equiv.) overnight.  Typical b-wave price action.  Primary count has the SP-500 in wave b of (d) of the large wave 4-[1]-P3 triangle.  I’m expecting this b-wave to stay above the 1177 pivot.   The a of (d) wave was 12 points, so a dip to 1177 for the b-wave would make the c-wave target 1189.

To the down-side a break of 1171.70 would mean the triangle has been invalidated as shown and a move towards 1150 to 1160 for the alternate count double Zig-Zag wave 4-[1]-P3 is likely.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=6db455cc-8a74-4037-9a22-77d8e2254645

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=32569638-48d8-4ecc-9cf1-1b9c1155c1ce

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