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Dec 9th, 2009: Morning Update – 3 Waves Down Complete at 1085

Posted by pugsma on December 9, 2009

OK.  So wave (3) down is now complete at 1085.  If the primary count is correct wave (4) should not overlap wave (1) at 1096.5.   And if the alternate count is correct then the 3 waves down complete yet another a-b-c leg of the rectangle (e-leg down), so we should go up to new highs from here.  Thus, the key level to watch for today is 1096.5.  If we get above 1096.5, then the possiblility of news highs are in play.  If we fail below 1096.5 in a wave (4) then fresh new lows below 1085 are in play.

1-min Chart:

15-min Chart:

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