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Nov 12th, 2009: EOD Update – Wave 4?

Posted by pugsma on November 12, 2009

But which Wave 4 is it?  1) The start of the my much anticipated Wave [4] drop down to the 1020 area or 2) the Wave iv of my alternate count that will lead to a new high around 1115?

This area around 1085 to 1090 was my target area for the alternate count wave iv. And if wave v=i, then this move up should end around 1115.  I can count an a-b-c off the 1105 peak to 1086 today for this wave iv.

But, I can also count a i-ii of the 1105 peak for the start of the c-leg of the large Wave [4] that will lead the SP-500 towards 1020.

The market should tell us early tomorrow morning, which Wave 4 it is.

15-min Chart:

60-min Chart:

Daily Chart:

The Russel-2000 could be showing the SP-500 the way.  Notice how the Russel-2000 is leading the SP-500 correction by about 1 month.  The Russel may have just completed the d-leg up of Wave [4] and has begun the e-leg down of Wave [4].  This would indicate that the SP-500 has completed the b-leg of Wave [4] and the c-leg has begun.
Russel-2000 Daily Chart:

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