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Nov 20th, 2009: Morning Update – Possible Head & Shoulders?

Posted by pugsma on November 20, 2009

Assuming we have continued weakness this morning, then there is a potential Head and Shoulders forming on the 5-min chart.  If we go down and touch the 1086 area in in the wave v extention of (1) this morning, then there is good chance the SP-500 will pop back up to the 1095 to 1100 area early next week in a wave (2) to form the right shoulder.  The target for the completion of the formation would be about 1059 [i.e. 1086-(1113-1086)].  This 1059 area agrees with the Wave [4] target of 1050 to 1060.

5-min Chart:

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