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Nov 1st, 2010: Update 1 – Pre-Market

Posted by pugsma on November 1, 2010

8:35 am EST:  ES Futures traded up to 1190 (1193 cash equiv.) overnight.

The primary count is that the wave iv-(5) of 3-[1]-P3 triangle completed on Friday and wave v-(5) is underway with a target of 1213.   However, to confirm this two things have to happen.  First the 1189.53 level must be breached in the cash market and second the SP-500 must close about the 1187 pivot resistance.

The alternate count is that wave a-(y) of 4-[1]-P3 of a second Zig-Zag is under way.  For this count the 1189.53 level should not be breached in the cash market.  This count requires the 1177 pivot support to break down and then breach the 1171.70 level.   The first target for this count is the 1165 area and then the 1137 to 1150 area.

I favor the primary count 10 to 1 over the alternate, based on where we are and ES futures activity.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=d7d745d1-a752-457e-83dd-64d0e989f1ef

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=3a9f06e1-35b3-4494-a477-b320300c5764

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