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Dec 2nd, 2009: EOD Charts – Should I Stay or Should I Go Now?

Posted by pugsma on December 2, 2009

SP-500 is hanging around the Point of Recognition Line (Horitonal Line @ 1105).   It can’t decide if it should break up or down.  It broke slightly higher out of the 1113 triangle pivot today to the 1115.57 level.  But this break-out was on very low volume.   The Daily MACD signal line still shows a bearish cross and the Daily candle was a thin body reversal type Doji. 

I’m sticking with my P1 has topped call as the primary count.  Here is a 1-min (haven’t shown one in awhile) and a 15-min chart.  The first target for wave (1) down is the 1095 to 1098 gap fill.  Wave (3) should target the 1070 gap fill.  And Wave (5) the 1060 area.

Alternate count still has the possibility of fresh hings in the 1140 range.

1-min Chart:

15-min Chart:

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