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Nov 9, 2009: EOD – Bulls Ramp It Up

Posted by pugsma on November 9, 2009

Today sure looked and felt a lot like a 3rd wave, not a 5th.  So, it’s becoming apparent that the alternate count has flipped to the primary.  I still have the primary listed on the charts as the 5th of c of B-leg completing today.  But I really think we are in the alternate count shown in purple on the 15-min chart below.  Let’s see what tomorrow morning brings.  We could correct back to about 1075 to 1085 in the iv-wave of the alternate count and then make a new high in the 1105 to 1120 area in the v-wave.  The 1105 to 1120 area is an attractive target for the bulls as it gets the SP-500 over the bear trendline from the Oct 2007 highs.

15-min Chart:

60-min Chart:

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