Weekend Update Part 2

 Friday’s weakness was felt most heavily amongst the Financials, which are now on a SELL/SHORT Alert.  Should the XLF make a lower low than Friday’s low, then the System will go short via FAZ.  The other indexes remain as they were, equities and energy on BUY/LONG signals, precious metals on SHORT/SELL.

Important day tomorrow for the EW counts.  The immediate term bullish count requires an almost immediate move to 1400+.  The near term bearish count, though longer term more bullish leading diagonal count, calls for a continued sharp pullback to 1300ish.  These are my favorite 2 counts, though my daily Renko is still pointing to a third more bearish count that Cycle 2 is still unfolding in its primary wave [C] leg.  I won’t give this much credence unless the SPX breaches 1267.

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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