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Oct 28, 2009 EOD Update – Bears Have Some Fun

Posted by pugsma on October 28, 2009

Well the wave C-leg continued to extend slightly past the 1047 target.  In fact it extended into the 3rd gap support area (1042-1043) left behind from the last up-trend off 1019.  So this latest down-trend has filled all 3 gaps left behind.  This is good news for the bulls.

Below are my 15-min and 60-min charts.  My primary count is that the down-trend is over here are the 1042 area.  This is about half-way to my original target (1030 to 1050) for this Wave 4 correction.  But I will leave open the possibility that a second A-B-C corrective is needed and that it could reach the 1030 area later this week.

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