Wave Count Updates

As I noted yesterday, I had a strong feeling that the final 30 minutes of trading Thursday could dictate the market’s direction for the intermediate term.  The rally back above the mid-line of the BB has brought the upper BB into play now, rather than the lower (which was in play intra-day yesterday).  The spike up today is either the beginning of wave (iii) of [iii] of 3 of Primary wave [3] under the bullish count (30 min chart below), or its wave c of (2) of [C] of Cycle 2 of the bearish count (see Renko below).  Above 1363 the next stop will be the mid 1500s for the SPX.  Below 1309, 1250 is in play.

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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