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Dec 14th, 2009: Morning & Afternoon Update

Posted by pugsma on December 14, 2009

Updated 2:20 pm:

As expected from my post last Friday afternoon, the bulls won the battle.  The US Dollar is retreating again, as predict in my UUP charts.  Looks like a grind it out finish for the year end towards a target in the 1130 to 1150 range.

I think wave (1) of 1 of [5] of P1 up is done at almost 1115.  We could a wave (2) pull back of up to 62% with at target of 1096 for the gap fill.  But I could see wave (2) stopping near a 38% retrace and 1105 as well.  Wave (2) pull back should end about Wednesday afternoon when the FOMC announcement is made.  Wave (3) up to to over 1130 by the end of the week.  And a drift up in wave (5) of 1 [5] of P1 to about 1140 to 1150 by year end.

5-min Chart:

15-min Chart:

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