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Nov 27th, 2009: Pre-Market Update

Posted by pugsma on November 27, 2009

4:30 am:  I wanted to put out some charts and targets before the markets open.  For Wave (3) of the alternate count the target area would be around 1070 and Wave (5) maybe 1050 to 1060.  If this alternate count is correct for Wave [4] of P1, then the SP-500 should turn up from there and make new highs above 1113 later in 2009 or early 2010.

Also, notice that I have now made the 1113 high the end of Wave [5] of P1 for the primary count.  If this is correct, I would expect a very larege A-B-C to play out for P2 over the next 2 to 3 months.  The target for this P2 low would be about 1000.  P2 could however play out as a long and flat triangle wave that could drag on for most of 2010.  This is exactly would transpired in 2004 after the P1 recovery high in 2003 of the last cyclical bull market.

So in short look for support around 1070 today or Monday, as this first move down plays out.

15-min Chart:

60-min Chart:

Daily Chart:

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