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This is quite different from the nymph (4th instar) of L. delicatula. See ucanr.edu/blogs/blogcore/postdetail.cfm?postnum=26349
You're so lucky, Vasanth.. you've spotted another Lantern Fly nymph (Lycorma delicatula)!
http://www.projectnoah.org/spottings/213...
http://www.projectnoah.org/spottings/758...
It's like a strawberry, a spider and a toucan all in one. I love it.