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Oct 12th, 2010: Update 4 – EOD

Posted by pugsma on October 12, 2010

5:45 pm EST:  The Nasdaq-100 (NDX) is just 13.94 points (0.68%) from making a new high above the April 2010 high.  This IS your market leader and the rest of the indices will likely follow some time later.

Nasdaq 100 Daily Chart (EOD):

4:40 pm EST:  With the price action in the final 2 hours today, the primary count with the Ending Diagonal (ED) termination at a maximum value of 1172.98 is in some serious jeopardy of being invalidated.  The SP-500 hit a level of 1172.58 this afternoon.  For this reason this ED count must be given lower probability making it the alternate count (blue).    If this alternate count is correct, then we are looking for a wave 4-[1]-P3 retrace to at least 1142 (23%) and possibly 1122 (38%) over the next couple of weeks.

The primary count is now that the SP-500 has put in a set of nested 1-2’s off the 1131.86 low from Oct 4th.  Currently the SP-500 is in a wave 3-iii-(5) with a first target level of 1184 (W3=1.61*W1) and stretch target of 1203 (W3=2.61*W1).  I project that this wave (5) of 3-[1]-P3 will continue to follow the rising blue ascending channel and reach the 1190 to 1220 area by the end of October or early November.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 Daily Chart (EOD):

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