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Nov 10, 2009: Clarifying the Alternate Count

Posted by pugsma on November 10, 2009

There was a little confusion on my Primary vs Alternate counts.  I’m still undecided on whether or not Wave [3] off the March 2009 low of 666 has peaked at 1101 or it might make a slighly higher high in the 1105 to 1120 range.  The first is my current primary and the second is my alternate.  It both cases, Wave [4] will be a correction that will take to the SP-500 to either to the 1010 to 1020 area as in the primary or a little deeper to the 940 to 960 area as in the alternate.  The alternate count allows the Head & Shoulders target of 950 to play out. 

Also, in the case of the primary count (in green) there is a strong possibility of new highs latter in the year. If the alternate (in purple) plays out with the deeper Wave [4] correction, then the new Wave [3] peak of 1105 to 1120 might be the high for 2009.  But the Wave [5] peak can be potentioally higher in early 2010.

60-min Chart:

Daily Chart:

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