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Nov 17th, 2009: EOD Charts – Reaching for the 5th of 5

Posted by pugsma on November 18, 2009

Today it looks like the wave iv low was put in at 1102 right near the triple resistance point.  Waves 1-2 of wave v looked to be complete and wave 3 of v could be underway near the close.  The target for this wave v is about 1118.  However, it could reach to the top of the green channel line.  In which case it could drag out most of the rest of this week to a conclusion around 1125.  With it being OPEX week, I would suggest that it may very well drag out through Thursday or even Friday.

One thing to watch out for if you are currently short and bearish:  If this wave v climbs up to 1125 and lasts through Friday, then it’s entirely possible the alternate count (in purple) is in play.  And any wave 2 pull-back could be limited by the big bear down sloping trendline, now turned support.  This would limit the downside to about 1090 later in November.  And then the SP-500 could move quickly up toward the upper white channel line and a 1170 to 1210 target in mid to late December.  The bulls are firmly in charge up here above all previous significant resistance.

5-min Chart:

15-min Chart:

Daily Chart:

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