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Dec 15th, 2009: EOD Charts

Posted by pugsma on December 15, 2009

OK, so wave (2) needed a little more price and time to correct and traced out a larger a-b-c down to 1105.  1105 is just a tad shy of a 38% retrace of wave (1) and it also was a 5-3-5 pattern, so it fits.  I jumped the gun a bit on the 1108 call this AM.   The 1105 level near the close today hit almost precisely on my original lower channel line from yesterday’s EOD update.

Tomorrow is the FOMC announce at 2:15 pm EST, so that should be a catalyst.  I would expect some relatively flat trading in the morning before the earely afternoon announcement.

5-min Chart:

15-min Chart:

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