If I had to pick an EW count, then I would be agreeing with that of the DAILY RENKO.  It has been absolutely nailing counts for several years running and it seems to be saying that C2 is still ongoing in its Primary Wave [C] down now to complete it.  The move up to 1422 SPX was only 3 waves and thus best counted as a [B], which do quite often make higher highs than the previous bull market highs that they are correcting.

ALSO, this chart shows that intermediate wave (A) of [C] is about to conclude, see positive divergence of indicator below price chart.  Next, we should see a near term, probably aggressive bounce (my target is 1370-72) in wave (B), before Cycle 2 down concludes with wave (C) later this fall.  I’ll continue to show it from time to time as a new leg is completed; for subscribers it will be part of each weekend update.

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 EW COUNT

  1. rolando says:

    Hallo, my name is Rolando Krajnik, rolando.krajnik@siol.net, I have not got the new password, Thanks

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