Green It Is – Last Free Post – August Passwords just went out

The rally I first called on Tuesday https://alphahorn.wordpress.com/2012/07/24/long-scalp-opportunity/ has continued to play out.  The 30 min chart was the first indication that at least a several day bounce was due, then last night the NYMO closing outside its lower BB was additional evidence that a pretty nice pop was imminent.  With the large gap up over the red/green indicator and the black dashed mid-band line, a number of the equities moved immediately to BUY/LONG trades, including: SPX, DOW and GOLD, joining Energy and Real Estate on the long side.  The Financials are on a BUY alert, which will be confirmed should XLF take out today’s high.  The Nasdaq and Rut were weaker than their peers.

It looks like 3 waves up on the SPX chart below, with a subdivided third wave.  So after we should see a small correction followed by a small push up there should be a more meaningful correction to around the 1345 pivot.  If the bullish count is correct, there will be a pretty explosive move up from there.  The bearish count calls for a pretty wicked move down as early as tomorrow.

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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