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Dec 8th, 2009: Mid-Day Update – New Alternate Bullish Count

Posted by pugsma on December 8, 2009

I just wanted to caution everyone not to get too bearish based on my primary count.  We we must still respect the triangle (rectangle) alternate count.   Take a look at my updated 15-min count with a bullish conclusion to the rectangle formation that could propel the SP-500 to a new high near 1140.

We have to respect the rectangle pivots at 1085 and 1113.  Today we touched 1088 which could be the conclusion of a the e-leg of wave 4.  This could mean we are starting the push up to new highs.  But 1113 must be closed above for this to be valid.

15-min Chart (updated with rectangle alternate count).

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