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Dec 28th, 2009: Morning Update

Posted by pugsma on December 28, 2009

Update 1:51 pm: Well we got the bearish rising wedge break-down today at around 1126.   I’m now looking for a wave (4) pull-back over the next couple of trading days to the 1115 to 1119 area (see 15-min chart) or the 1103 to 1105 area for the ending diagonal scenario.   Note:  I have to be away until late tonight, so this will have to serve as the end of day update today.

15-min Chart:

Update 11:41am: Looks like a possible bearish rising wedge break-down at 1126.50 (see 1-min chart).

1-min Chart:

Maybe a little throw-over at the top of wave (3) this monring.  Or as I have shown on the 60-min chart, the upper channel line can be slightly moved up to accomondate the 1130 peak.  On the 5-min chart there is a bearish rising wedge to watch for a break down near 1125.  And at a minium I’m looking for a back test of the ascending triangle break-out near the 1115 level later this week.

5-min Chart:

60-min Chart:

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