PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Nov 4th, 2009 – Morning Update – Bulls Break the Down Channel Line

Posted by pugsma on November 4, 2009

Update 12:03 pm:  I updated the charts so you can see the today’s bullish action better.  Take a look at how well my 60-min chart is playing out.  Don’t forget that if this is the B-leg of the larger A-B-C correction it could end anywhere from 1060 (already hit) to 1080.  But if we are entering my Alt: count listed in purple, then the bullish action could continue with a swift move to new highs over 1101.

As I expected and predicted in yesterday’s EOD update, the market surged ahead this morning and broke the upper down channel line off the 1101 peak.  This could be the start of a 3rd of 3 up for the B-leg of the large A-B-C correction.  Bulls need to hold and consolidate above 1048 to 1050 today.  Look for the first resistance in the 1058 to 1062 area.

1-min Chart:

15-min Chart:
60-min Chart:

Sorry, the comment form is closed at this time.

 
%d bloggers like this: