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Elliott Wave Forecast for 11.24.09

Forecast

Elliott Wave Market Update 3:30PM ET

 Today reminds me of the action from the last fed meeting...strong rally at the open, but by the close a W2 fade...we're getting that right now...right after that W2 fade began the huge rally we've seen since that point, and we're coming off a 5 wave drop as well....tomorrow or this week would need to have a move over 1112 in the SPX however...

SPX 2 day chart (Visual)

SPX 2 day chart

Elliott Wave Market Update 1:30PM ET

 After hitting the intraday highs this morning, the indices have slowly faded for 3 hours straight...pretty annoying...but it appears that there's 5 waves down from the intraday high, so I'd anticipate at least an upward 2 to form into the close..best case scenario obviously is if the indices close at the highs, but there would need to be an upward boost that would need to start shortly..

Elliott Wave Sector Watch 11.23.09

Internets: GOOG upward 3, AMZN would break at 133
Hardware: AAPL would break at 206, RIMM upward 4
Oil: SLB upward 2, CHK upward 4

Elliott Wave Market Update 10:30AM ET

 Last Friday I was looking for at least an upward 2 to form in the indices...we got that..but now a LOT more..the DJI took out a new 52 week high, SPX took out the .786 retracement, and NASDAQ is within fractions of taking out it's .786 too (2190)...this is setting up for a HUGE upward 3 into the end of the year...if we close at the highs, which is a good possibility considering today's strength, that upward 3 could last until the middle of Dec to end of Dec at least..

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Elliott Wave Forecast for 11.23.09

Forecast