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Nov 23rd, 2009: Morning Update – Start of 5 of [5]?

Posted by pugsma on November 23, 2009

Well, it looks like the new primary count established last Friday afternoon (Nov 20th), as played out in the early morning action today.  This thrust up from 1086 looks like a i-ii-iii count of wave 5 of [5].  Wave iii could still further sub-divided and push higher than the 1112 hit thus far.  My target is still 1130 to 1140 for this wave to complete.

The alternate is that his was a wave (2) of the corrective down towards 1050.  1112 did not top the 1113 previous high.  But one important thing to note, that points to the primary count and new highs on the SP-500 is that the DOW-30 made a new high today at 10495.

15-min Chart:

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