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Nov 5th, 2009: EOD – Tracking Along Well

Posted by pugsma on November 5, 2009

SP-500 is following the track I laid out very well.  We closed up 20 points (near +2.0%) for the day at 1066.   This puts us into the 1065 to 1075 target zone for the B-leg move from 1029.

Now what?  There is room for a little more upside tomorrow to say, 1075 to 1080 tops.  Then my primary count, is that the market will correct back down in a 5-wave move for the C-leg.  This C-leg, if it equals the A-leg down, would be about 72 points and take the SP-500 down to the 1000 target area by mid-November.  This would complete wave [4] (in green) and set the SP-500 up to make new highs of 1150 to 1200 by the end of the year.

But keep in mind that the alternate ultra bullish count (in purple) is still alive.  This up move could take off from here and reach the 1115 to 1120 area by mid-November.  Keep a watchful eye tomorrow on the 1070 to 1080 area.  A decisive break upward tomorrow could mean that my alternate count is underway.

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