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Oct 14th, 2010: Update 4 – EOD

Posted by pugsma on October 14, 2010

4:10 pm EST:   For the primary count today was a simple a-b-c correction for wave 2-iii-(5).  Next up is a run to 1190 to 1195 in wave 3-iii-(5) of 3-[1]-P3.  The ultimate target for 3-[1]-P3 is 1215 over next 2 weeks.

For the alternate count (blue) today’s drop is 4-waves (i.e. i-ii-iii-iv) of the 5-wave (a) of 4-[1]-P3 move towards 1161.  The ultimate target for 4-[1]-P3 is the 1150 (23% retrace) to maybe as low as 1130 (38% retrace).  If 1173.40 is breached in the cash market tomorrow, then we have a wave-iv into wave-i violation, eliminating this count.  So we’ll likely need a gap down open for the alternate count to survive.

The close today above the 1168 pivot support makes the primary count the most likely.  And today’s low of 1166.71 is another higher low in a series of higher lows going back to the August 31st low of 1040.  This is also very bullish.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

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