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Nov 16th, 2009: Afternoon Update – More Bullish Alternate Count

Posted by pugsma on November 16, 2009

With today’s very bullish action, I have decided to change my alternate count to an even more bullish option than my primary.  There is reasonable possibility that Wave [4] ended at the recent low of 1029 and that Wave [5] is underway.  In which case the SP-500 is in the first wave of an agressive move much higher to the 1150 to 1210 target area.  So, this is my new alternate count (in purple).    After wave 1 reaches it’s conclusion around 1115 to 1120, there will be a wave 2 pull-back to about 1070 (gap support).  The daily 20-day and 50-day SMA are also in this area for support.

My primary count remains that we are in the final stages of the b-leg of an a-b-c corrective off the 1101 peak.  In which case this b-leg should end soon at around 1115.  Then we will get a c-leg down to about 1030 to 1050 (raised from 1020 previosly).

In either case a pull-back in coming in late November.  The depth and shape of the pull-back will determine which count is correct.

15-min Chart:

60-min Chart:

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