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Dec 15th, 2009: Morning Update

Posted by pugsma on December 15, 2009

As is often the case with these aggressive moves higher, the price tends to be contained in the upper half of the channel for the waves (1), (2) and (3).  So the pull back from 1114 to 1108 today might be it for wave (2).  And we might have started wave (3).   Wave (3) should take us above the key level of 1119 and test the resistance in the 1125 to 1130 area in the coming days.

5-min Chart:

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