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Oct 27th, 2009 – EOD Update

Posted by pugsma on October 27, 2009

Well not much has changed today.  This C-leg of the A-B-C corrective off the 1101 peak is taking it’s sweet time finishing up.  I’m going with the wave iv triangle and the wave v is now complete at about 1060.  Looks like we could have a i-ii up off 1060 starting.  This next wave up could be an (X) wave of a double ZZ corrective as in my primary count in green.  Or it could be the start of the final wave 5 of the push to the top of the wedge as in my alternate count in purple

In any case, things still look corrective since the 1101 peak last week.  I don’t see any clear signs of a significant 5 wave impulse down.  If the marekt needs some more time to correct and consolidate before moving higher a second A-B-C will be required.   This second A-B-C will likely target the 1040 to 1050 area after a (X) wave push to about 1080.  However, the market could move swiftly up to new highs at any time now that the first A-B-C is finished.

1-min chart:

15-min chart:

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