Friday Morning Pre-Open Alert

12:00:  Entered QID @ $51.38, stop at $50.90

11:30 c.s.t update: Either the final leg of [b] or (i) of 5 is about to finish here. I’ll probably scale into a few bear ETFs, but with very tight stops, anything above 1315 heading into the close and I’ll go neutral into the weekend, meaning out of the market, except for Gold and Energy that is.

 

Here’s my primary and alternate count and what to watch for today.  I believe that the [b] leg of 4 is underway and has a target potentially at the 61.8% retracement level, corresponding to the target of the inverse H&S.  However, there is a small possibility that 4 is complete and the final leg up in 5 has begun.  So we need to have tight stops on our bear ETFs!!!!1

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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3 Responses to Friday Morning Pre-Open Alert

  1. Spudthorpe says:

    Just wanted to point out that your chart is too small to read and is not zoomable. (I assume it was meant to be). Thanks.

  2. Robert Warmington says:

    Password does not work this morning

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