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Oct 13th, 2010: Update 3 – Morning/Mid-Day

Posted by pugsma on October 13, 2010

11:35 am EST:  OK so far the SP-500 has hit 1181.78.  My initial target for this wave 3-iii-(5) is 1184, so we are close.  If you take a look at my updated 15-min chart you can see my “idealized” road map for the rest of this wave (5) of 3-[1]-P3.  This is based on measured move, E-wave rules.  My initial target is 1215 in a move that should last two to three more weeks or until the end of October.

I’ve been scratching my head to find an alternate count were this wave (5) of 3-[1]-P3 end much sooner, like today or tomorrow.  I have shown one possibility on the 15-min chart, but I’m not very confident in this labeling.  Wave (5) of 3-[1]-P3 would end around 1184 and then retrace either 23% to 1151 or 38% to 1130 in wave 4-[1]-P3 over the next couple of weeks.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=88be184d-9237-4f9e-9449-2fee70377461

SP-500 15 min chart (11:20 am):

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