Chart Update

Here’s a close up of the inverse head and shoulders I noted last night (on the 30 min chart).  A nice 50% retracement (thus far 140.92 would be 61.8% [1405 SPX] and the limit) of the first leg up has formed what could be the right shoulder.  Remember the neckline must be broken to confirm the pattern.  Should it be confirmed then the pullback ended at 1398, should it continue to sell off, then 1398 was just w and the move up was x.

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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