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Oct 29th, 2010: Update 1 – Pre-market

Posted by pugsma on October 29, 2010

8:55 am EST:  ES Futures dropped to 1172 (1175 cash equiv) overnight.    Right now ES is trading at 1175 (1178 cash equiv.).

Remember that for the primary count I’m looking for a  c-(e) wave low between 1175 and 1177 in the cash market.  We may see this on a gap down open.  If the primary count is correct the gap down open will be bought and the market should head higher.  The first wave (1) of 5-[1]-P3 should head for the 1205 to 1215 are over the next 2 to 3 trading days.

The alternate count is in wave iii-a of (y) of the second ZZ.  So the market should gap down and keep drop through the 1177 and 1168 pivot supports if this count is correct.  The target for wave a-(y) is the 1160 to 1160 area. 

The key levels to watch today in the cash market are 1171.70 and 1189.54.   A break of either level will confirm the next directional move.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1610386b-6844-4675-9abc-fb0e7bbecb9a

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=98abc86e-c8e0-4fce-af7a-143faab9a750

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