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October 26th, 2009 – EOD Update

Posted by pugsma on October 27, 2009

A very interesting day in the markets.  After a bit of an upside surprise early in the AM, where the upper downward trendline was tested at about 1091, there was a sudden reversal to now lows.  The reserval produced what appears to be 5-waves down and tested the lower downward trendline support.

Below is the 15-min chart.  There are couple options on the table.  If the lower boundary (yellow line) of the rising wedge holds, I favor the count in purple, which could produce new highs.  If it fails then, I can see this corrective going toward the H&S target area of 1040 to 1050.  In either case, the waves look corrective off of the 1101 top.

Here is the 60-min chart view:

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