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Jan 11th, 2010:

Posted by pugsma on January 11, 2010

3:15pm:  Not a particularly exciting day.  Rising wedge channel break was not confirmed.  In fact there may be a small parallel channel forming, showing continuation of move higher.  There is still some doubt whether or not this wave (5) is over here at 1149.74 or if we are really only in wave iv-v of (3) with some considerable upside to go (purple count).  I will be watching the 1142 level on any pull-back tomorrow morning.  And after that 1138 and 1130.  1130 will have to be taken out before we can call this near term top.  The next few trading days will hold the answer.  I’m not particularly biased either way right now.

5-min Chart (EOD):

15-min Chart (EOD):

60-min Chart (EOD):

Interteresting looking back at my chart from back in Nov 11-09.  I was calling for a wave [5] target of 1150 on around Jan 4 to 11, 2010.  Hmmmm…

60-min Chart (1-11-09 EOD):

11:50am:  Channel break at 1143 area.   Watching to see if 1138 holds as support.

5-min (11:50am):

9:50am:  A spike up to 1149.69 and sudden retreat means the SP-500 has hit a resistance level and will need to consolidate before moving higher.  This wave (5) off of 1115 low seems to be nearing completion.  Need to watch the lower channel of the rising wedge for support or a break today.  At the end of the day it will be near the 1146 level.  So a close below this level will be near term bearish and retreat to the 1130 area is possible.  However, there is still room to run up to around 1154 later today or early tomorrow (see purple markers for iii, iv and v).

5-min Chart (10:15 am):

15-min Chart (9:50 am):

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