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Oct 13th, 2010: Update 2 – Break-out?

Posted by pugsma on October 13, 2010

Tired of losing money following the perma-bear blogs and their failed Elliott Wave forecasts?  You can sign-up for the PUG Premium Service for $15 for the final three weeks of October. Just e-mail me at pu_gridiron@yahoo.com to get started.

7:25 am EST:  The Nasdaq-100 is within 3 points of making a new recovery high above the April 2010 high of 2056.  Once this happens the P3 wave down theory (i.e. Perma-bear Market Forecast for a collapse below 667 on the SP-500) will be invalidated on the Nasdaq-100, the market leader.  Once a leading  market index invalidates a particular count, it’s typically only a matter of time before the others will follow.

Now take a look the SP-500 Weekly chart below.  Notice it has broken out the final bear descending trend-line and out of the Diamond Pattern consolidation that has occured over the past year.   Note, the Diamond Pattern as a break-out target of about 1600 to 1650 by year 2012.

NDX Futures (6:46 am):

SP-500 Weekly (7:08 am):

 

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