PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Jan 25th, 2010: Corrective Wave (4)?

Posted by pugsma on January 25, 2010

3:25pm (CST):  Today’s action looks like a corrective wave (4) up to 1103.  It allows channels very well.  I’m expecting a drop towards 1082 if wave (5)=(1).  Thus, this wave A down should end between the 1080 Aug-Nov support and the lower end of the Nov-Dec consolidation range at 1085.  From there, I’d expect a wave B up to about 1115 to 1125, before an aggressive wave C ends this correction.  The magnitude of wave C (i.e. 0.62A, A, 1.62A or 2.2A) will determine the wave labeling at the end of the correction (see the 60-min chart for reference).

5-min Chart: (EOD):

60min Chart (EOD):

11:20am (CST):  Couple possible counts on the 1-min chart.  If (5) of A is in at 1090, then we could be in i-ii up of a of B (red primary count).  Or if 1090 was only (3) of A, then in a-b of (4) (blue alt count).  See 1-min chart below.

1-min Chart (11:20am):

9:45am (CST):  Looks like the alternate count with wave (3) of A ending at 1090 is in play.  Could be working on a corrective wave (4) back towards 1105 area later today.  This would mean one more wave (5) of A down towards 1080 to 1085 area ending some time tomorrow.

5-min Chart (9:45am):

Sorry, the comment form is closed at this time.

 
%d bloggers like this: