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October 8th, 2012: Update 1 – EOD

Posted by pugsma on October 8, 2012

4:40 pm EST:   No change in the counts today.  The primary count completed wave (1) of minor 1 of major [5]-P3-C3 at 1471 on Friday and began the wave (2) pull-back with targets of 1452 (78%) and 1450 (88%).  Today the price hit 1453.10, so wave (2) could be complete and wave (3) may have begun.  If more correction is need then look to the 1450 area and the up-sloping light blue trend line.  Once wave (2) is complete, wave (3) should target the 1490 area where (3)=1.62*(1).   The minor 1 target is 1493.  The primary count is valid above the major [4] low of 1447.

For the alternate (blue) count flat, minor B of major [4]-P3-C3 completed at 1471 on Friday and the minor C wave down began headed to a 1426, where C=A.  I have wave (1) of minor C completed today at 1453 and then wave (2) complete at 1459.  The wave (3) of minor C target is 1431, where (3)=1.62*(1).

So basically the 1447 level separate the two counts in the short-term for vastly different short-term targets of 1493 vs 1426.  In the intermediate to long-term, both counts are headed above 1500+ for the completion of major [5]-P3-C3.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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