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Nov 19th, 2009: EOD Charts

Posted by pugsma on November 19, 2009

Not much new to report since my late morning update.  The same two options are on the table.  I do think however, that the c-leg down of the Alternate count for wave 2 could be complete at 1088.  It could start an aggressive move up as early as next week.  However, it also might need a little more downside price action and the orginal target of 1081 could be hit.  I still really like this alternate count and think the markets want a super bullish conclusion to 2009.  So it continues to bare watching.

For now there is a definite trend change.  If we are in the c-leg of the primary count for corrective Wave [4], then there is long way yet to go down to get to the 1050 target.  I have labeled wave (1) complete at 1088.  We could see a wave (2) back up to test the 1100 area, before wave (3) takes things towards 1070.  There is a lot of support in the 1070 to 1075 area.

5-min Chart:

15-min Chart:

60-min Chart:

Daily Chart:

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