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Oct 12th, 2010: Update 3 – Afternoon

Posted by pugsma on October 12, 2010

3:45 pm EST:  If you are believer in the ED, then the way I have it labeled means that it must end here at 1172.58 (1172.98 max).  If not, then is it’s up, up and away in the alternate count of 3-iii-(5) towards 1185 to 1190 over the next couple of days.

SP-500 5-min chart (3:40 pm):

2:30 pm EST:  As I suspected once 1164.40 was breached above this morning, the correct count was to look for a nother new high above 1168.68 for wave v-(5).  And guess what; the SP-500 has hit 1169.12 this afternoon.  Remember with the drop to 1155.17 this morning for wave iv-(5), the maximum target for wave v-(5) of the ED is not 1172.98.  If it gets above that level, then the alternate (much more bullish) count is in play.

Note the VIX has been hammered back down from a high this morning of 20.10 to 18.82 this afternoon.

SP-500 5-min chart (2:25 pm):

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