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Dec 14th, 2009: The Really Big Picture !

Posted by pugsma on December 14, 2009

Continuing the my thinking from this past Friday’s post (The Big Picture), I have decided to revist my bullish model and look at the Really Big Picture on the dialy time-frame.  This consolation in the 1085 to 1113 area makes perfect since in light of the bigger picture.  This 1105 point of reconigtion line is where the world realized the fanacial markets were in deep trouble in early Oct 2008.  It’s only natural for the markets to take a long pause in this area on the way back up.  And with the monthy time frame 20-period SMA (1040) being exceeded for the November close (1090), it’s clear we are in a significant bull market.

I think this wave [5] of P1 is really just getting going and the end of the year 1140 target may just be wave 1 of [5] of P1.  I’d expect some more colsolidation in Feb-March with wave 2 before heading towards a June 2010 target of 1260.  This is bottom of wave [1] on the way down from 1575.

Dialy SP-500 Chart:

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