Quick Public EW Count Update

The extremely volatile week for the markets is very typical of an intermediate wave (iv), but also could signal the end of one leg and the first two legs of the reversal.  The Renko chart above illustrates my two favorite counts for this nascent bear market: i) that primary wave [A] is still unfolding and has traced out four of its five intermediate waves – (1)-(4) red, or ii) it has already completed an abc correction, which will receive a (w) label, and now the markets are ready to rally in wave (x) before tracing out at least one more corrective pattern.

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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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