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Dec 9th, 2009: EOD Charts

Posted by pugsma on December 9, 2009

Well, wave (3) made a new low at 1085.89.  But the a-b-c bounce for wave (4) to 1097.04 ever so slightly entered wave (1) at 1096.65.  A E-wave purist would say that the count is invalid.  Put I’m a pratical engineer and not a theoretical scienctist.  We round things off and make allowance for tolerances.  So, I’m keeping with my primary that wave (5) will make new lows below 1086.  Possibly to the 1070 to 1075 area.

However, just to be safe don’t forget that the alterante count cound be the right path now that three complete waves down of 1119 were achieved and the 1085 rectangle bottom held up.

5-min Chart:

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