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Oct 28, 2009 Morning Update – Possible Target Area for Corrective

Posted by pugsma on October 28, 2009

This morning action extends to the downsid of the C-wave.  We had a gap fill of the 1057 to 1060 gap.  We have now closed 2 of the 3 gaps from the last up-side move off 1019.  There is one more small gap down around 1040.

The head and shoulders target and C=1.62A corrective target both come in at 1047.  Also, the 50-day SMA is sitting at 1049.  Also, there is a green support line from the previous three dips during this bull run up off 869 from July.  Finally, the 62% re-tracement from 1019 to 1101 is at 1050.  So there are a lot of things lining up as support here.   I expect this area of 1047 1050 to hold and produce a strong reversal later today or tomorrow morning.  This should time out nicely with the 3rd quarter GDP number set to be released tomorrow morning (10/29/09).  The market is expecting a +3.0% GDP with a range of +2.0% to +4.0%.  Anything near +3.0% should pop the market to the up-side.

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