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Nov 18th, 2009: Afternoon Update – Important Area

Posted by pugsma on November 18, 2009

The SP-500 has fallen into a very important zone in the 1102 to 1107 range.   And the side-ways price movement today has taken us outside the channel line.  There is good chance now that 1113 was the b-leg peak for the Wave [4] flat that began back in late Oct off the 1101 peak.  In which case look for the c-leg to begin in earnest later this week with a price target that is now in the 1050 area (revised upward again) for early December.

But the alternate count that we are already in wave [5] is not dead yet.  Watch out for new price highs in towards the 1125 area later this week if we get a strong move up into today’s close.  If the alternate count pans out, then I don’t expect much of a pull-back beyond 1095 to 1000 area before heading up towards 1150 and beyond into the close of the year.

5-min Chart:

60-min Chart:

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