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Dec 2nd, 2009: Morning Update

Posted by pugsma on December 2, 2009

Well, another suprise as the 1113.69 previous high was breached slightly this morning at 1115.57.  At the risk of being stubborn, I’m staying with my primary call that the market has topped here at P1.  Thanks to some clever counting by my EW brothers in arms (Columbia and Good Vibe), there is a possibility that this entire long drawn out move was a Wave 4 triangle, and we just completed Wave 5 of [5] of P1 this morning.  Take a look a the updated 15-min chart.

We shall see if 1115.57 holds up as the top of P1.   I’m looking for the first wave (1) down to target 1095 to 1098 gap.

The alternate count with new highs around 1140 is still on the table for now.

15-min Chart:

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