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.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s