Weekend Update

The Swing System remains as we left it, equities, commodities and Treasuries are on LONG/BUY signals and the Dollar remains short.

As I noted before I left town on Friday, the 30 min chart had signaled a preliminary buy signal.  This is a near term signal of course and shortly after my post, the market did rally.  We’ll see if the next wave is on early this week or whether there will be another small pullback to complete the correction.  But, it appears the intermediate term things look bullish and there should be more meat on the bone of this rally.The daily chart for the SPX below shows the big picture view and the 2 leading counts.  While I favor the bullish count that primary wave [3] of Cycle 3 is underway, there is a chance that this rally is a strong (B) wave rally of primary wave [2] that will soon be followed by a (C) leg down to the lower blue trend line.

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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