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Nov 4th, 2009 – EOD – Mixed Signals

Posted by pugsma on November 4, 2009

Mr. Market gave mixed signals today, as it often does on FOMC meeting minute days.  The open was very bullish, as the upper down channel line was busted in early action.  The market popped on a 3rd of 5 wave move up as I suspected from last nights count.  I believe the 1-min charts shows a clear 5-wave move up from 1029 to 1060.  This could be the a-leg of an a-b-c for leg B of the larger corrective.  The move from early AM to end of the day may have been a 3-wave b-leg (in red).   There is some support just beneath the 1046 area from the Aug-Oct trend line and gap support (not shown) from todays gap open.  After a slight down Tomorrow AM, we could get a another 5 wave move for the c-leg, which would complete the 3-wave move of the larger B-leg up to the 1065 to 1080 area.

However, I caution that the 1060 area met today could satisfy the conditions of the B-leg without going any higher.  Thus, the SP-500 could have started it’s 5-wave move down for the C-leg of the larger corrective.  This C-leg has a 1000 to 1010 target for about mid-Nov.  This is still my primary count and whether or not we get to the 1065 to 1080 area first, does not change this count.

The action on Thursday and Friday, will show us the way.

1-min Chart:

15-min Chart:

60-min Chart:

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