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Dec 10th, 2009: Morning Update – Possible (1)-(2), 1-2 Down

Posted by pugsma on December 10, 2009

Well, the wave (4)-(1) overlap violation of 1096.5 on the way up yesterday was confirmed with the push higher this morning.  So now what?  There is a possible wave (1)-(2), 1-2 down.  For this configuration to to play out.  Wave 2 cannot enter wave (2), so wave 2 cannot exceed about 1110.  This morning we hit about 1106 and have since retreated.  To the downside look for a break of 1096 to confirm the (1)-(2), 1-2 down set-up.

So the key levels to watch today are 1110 to the upside and 1096 to the downside.  Breaking over 1110 confirms the alternate count to new highs over 1119.  Breakig under 1096 opens the door to new lows under 1086.

5-min Chart:

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