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Nov 10th, 2009: EOD Update

Posted by pugsma on November 10, 2009

Not much new information today, as the markets traded sideways.  Building the right shoulder, one could say.  However, if this is a b-leg off of the 1029 low, it’s going to need to turn down soon, like tomorrow. If not, then the alternate count (in purple) takes over and I think we get a wave v to new highs.  The wave iv target is still about 1085, so if wave v = i (30 points), we are looking at 1085 + 30 = 1115 for the wave v peak.

Keep watching the 1080 to 1085 area in the morning to see if it breaks-down at the lower channel line.  If it does, then start watching for the gap support area around 1069.

15-min Chart:

60-min Chart:

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