Thursday morning update

The SPX has obviously broken down from its triangle pattern.  The count is still open as to whether this is [iv] of minor 3 or is it minor 4.  As I wrote last week, the ideal target for wave [iv] of a channeling wave 3 is the dashed orange 2/4 trend line.  Should it find support there, then wave [v] of 3 should follow.  A break below this line could indicate this is minor wave 4.

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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1 Response to Thursday morning update

  1. Mayacca says:

    Thanks Alpha. Having trouble getting the exact support number from your chart. Is it the 1294.26 level?

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