Wednesday, September 28, 2011

5:15 AM Pre Market Update

5:15 AM Pre Market Update

So far the bounce overnight in ES is confirming the b wave bounce at minimum that I posted last night . It's still possible the the late day selling completed a flat.

We'll have to see if there is any leg to this or the market may be mimicking the last leg as highlighted below. It appears that breaking 1190 will be key for cash if there is going to be further upside potential.

So to be conservative, let's watch the wave b retrace targets first, which are roughly:

1179 - 38%
1182 - 50%
1185 - 62%
ES
SPX - 60 m
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