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Dec 8th, 2009: EOD Charts

Posted by pugsma on December 8, 2009

Well today delivered on the wave (3) down promise from yesterday’s bearish close.   I’m not sure if wave (3) is complete, even though I show it complete on my 1-min chart tonight.  Today’s action looks like a wave (4).  And after some early strength tomorrow to the 1095 to 1097 area, I would expect the wave (5) to take the price action to at least the 1083 to 1085 area.  That is were it will get interesting.  If the 1083 to 1085 holds up, then the alternate count for the rectangle to new highs could still be in play.  If 1083 breaks-down, then fresh lows will be seen in the 1060 to 1070 area.

1-min Chart:

15-min Chart:

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