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Dec 29th, 2009:

Posted by pugsma on December 29, 2009

Note: I have decided to start consolidating each day’s charts into one new post each day.  So check back for updates thorugh the day and at the end of day.

It’s looking like a complex a-b-c-X-a-b-c corrective is underway for wave (4) (see 1-min chart).  I’m still targeting the 1115 to 1119 area for wave (4) termination, however I’d lean more towards 1119 and this might drag into the the end of the trading week.

1-min (EOD):

5-min (EOD):

15-min (EOD):

The 5-min chart shows the break and re-test of the rising wedge a little clearer.

5-min Chart (10:20am):

Well, we got the broken rising wedge back test this morning at 1130 as predicted in yesterday’s eod update.  I would expect the SP-500 to work it’s way towards 1115 over the rest of today and into tomorrow.  Key level to watch is 1114.76.   Below that level the ending diagonal down to 1103 to 1105 is in play.

1-min Chart (9:50am):

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