I added all the steps possible to make the configurable swatches functionality in the default theme of magento as per above answer link.

My Question is I have made all the steps in a correct way and the images replaced the drop-down in the product details page. But it is not replacing the text link to the images and also image switch over is not working.!

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Not working in layered navigation and showing only the text links instead of image swatches.

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