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Oct 13th, 2010: Update 4 – Afternoon

Posted by pugsma on October 13, 2010

3:15 pm EST:  Well for the primary count the 1184 target for W3=1.62*W1 was hit precisely at 1184.38.  Aren’t Fib relationships wonderful !!!  I’m looking for W4 to retrace to between 23% (1177) and 38% (1173).

For the alternate count (blue),  I have moved the wave (4) low to 1122.71 and have a reasonable 5-wave count for wave (5) complete at 1184.38 today.  Notice wave v=i at 1182 in this count.  However, it could possibily put in one more wave up to the 1190 area, but it looks about done.  This alternate count would mean a wave 4-[1]-P3 retrace and consolidation down to the area between 1130 (38%) and 1151 (23% retrace) is about to get underway.

The key area to watch on any sell-off is whether or not the 1168 pivot now holds as support.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0a7c90db-1c8a-4695-9c90-8ff98ca76185

SP-500 15-min chart (3:00 pm):

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