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Nov 29th, 2010: Update 4 – ES Pattern

Posted by pugsma on November 30, 2010

12:30 am EST, 11-30-10:  I was looking at ES Futures tonight is paints a unmistakingly bearish descending triangle pattern.  The pattern does not show up as well in cash market because the rise to 1206 was only in the ES Futures.  To complete the pattern (ie. E-wave)  it only needs a small rise to between ES 1190-1195.  Then a break down through the bottom at ES 1175, would trigger a drop to ES 1145 (1147 cash equiv.).    As you know I’m nearly 100% bullish on my primary count based on today’s reversal and I don’t base my E-wave counts on ES futures, but we really need to keep this alternate count in the back of our minds the next day or two just in case.

Also, I sent out the December Premium Password tonight via group e-mail.  It will be required beginning on Wednesday’s Dec 1st blog posts.  I may have missed a few people on the e-mail distribution, so if you didn’t get it, please drop me an e-mail and I’ll forward you the password.

ES Futurs 11-29-10, 11:45 am:

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