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Nov 28th, 2009: EOD Charts – Triangle Wave iv?

Posted by pugsma on November 18, 2009

Update 7:10 pm:  Just so everyone sees what I posted below in my afternoon update.  We are a very important bullish juncture.  There is a 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 (see 60-min in purple) that we are already in wave [5] is not dead yet. Watch out for new price highs towards the 1125 area later this week if we get a strong move up into today’s close (we did). 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.

After Market Close:

There is a good possibility that the side-ways price move the past 2 day is a wave iv triangle.  Towards the end of today, it looks to be breaking out (see 1-min chart).  The triangle target for wave v would be about 1115.  However, I’m still thinking the bulls want to tag the upper green channel line from August.  That would mean a push for 1125 tomorrow and Friday.

There is still a very small chance that 1113 was the b-leg peak of the flat.  But it’s less likely based on today’s price action.

1-min Chart:

15-min Chart:

60-min Chart:
Daily Chart:

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