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Dec 24th, 2009: EOD Charts – Merry Christmas !!!

Posted by pugsma on December 24, 2009

The SP-500 closed at the daily and yearly high of 1126.48 !!!   Wow !!! Is there any doubt the SP-500 break-out of the ascending triangle will meet it’s 1141 price target?  It’s now only a matter of how and when.  There two leading scenario’s for how this Wave 5 of 1 of [5] will resolve.

Scenario 1:  It’s a standard 5-wave move (1)-(2)-(3)-(4)-(5) that started at the Dec 7th 1086 low.  Wave (3) should now be complete or nearly complete at 1126.   Wave (4) can’t retrace more than down to the Wave (1) peak or 1115.  Then Wave (5) will push up towards the 1141 target.

Scenario 2: It’s a ending diagonal that began all the way back the day after Thansgiving (Dubi News) low of 1083.  In this scenario we could get a deep wave (4) retrace to about 1103 before pushing up to the 1141 target.

So in summary I’m looking for a pull-back towards 1115 early next week for wave (4).  I will be watching to see if 1115 holds or if it drops down to 1103 later in the week.  Still thinking 1141 can be met as long as 1103 area holds on the pull-back.  Below 1103 and 1093, then this push higher is likely finshed.

Here is hoping everyone has a safe and happy Chirstmas Holiday.  Thanks to all who read and comment here for your continued support.

15-min Chart:

60-min Chart:

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