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Dec 22nd, 2009: Morning Update

Posted by pugsma on December 22, 2009

OK I think we maybe in an ending diagonal for this wave 5 of 1 of [5] of P1.  So 1120 was hit in what looks like the peak of wave (3) of 5, as the channel line is breaking down on the 1-min Chart.  I expect a wave (4) pullback to at least 1113 and likely 1110.  And finally wave (5) to take the SP-500 to about 1127 or with some spill over as high as 1140.  I have also, added an alternate count (in purple) that could have the peak of wave (5) occuring today at 1120.  That would be it for wave 5 of 1 of [5] of P1.

I’ve been asked a lot about what’s next.  I think wave 2 of [5] of P1 will likely retrace 62% of the wave 1 of [5] of P1 move from 1029 to 1120.  So my target for wave 2 of [5] is about 1065 to occur in late Feb to early March 2010 (see the 60-min chart).

1-min Chart:

15-min Chart:

60-min Chart:

Daily Chart:

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