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Nov 23rd, 2009: EOD Charts – Bulls Maintain the Momentum

Posted by pugsma on November 23, 2009

A very important day for the bulls.  As I suspected with my Friday EOD chart update, the bulls ushered in Thanksgiving week.  Key resistance in the 1101 to 1105 area was smashed at the open during the run to 1112, just shy of the previous high of 1113.

As you can see on my 15-min chart, I belive waves i-ii-iii of 5 of [5] were put in on Friday and Monday.  Wave iv is on going and wave v of 5 of [5] should reach at least 1120.  If wave iii sub-divides then 1130 to 1140 could be hit by the end of November 30th.

A keys level to watch on the down side tomorrow are 1100 (channel line) and then 1094 (top of wave i).  The alternate (more bearish short term) count is still alive until 1113 is taken out.

15-min Chart:

60-min Chart:

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