Chart Update

spx 1 minLooking at the 1 min chart, could see one last push up throughout today to complete this leg up.  Both the bullish and bearish counts are looking for a pullback to follow, therefore conservative traders might elect to take some profits are set tight stops.  After this push up to around 1427, per the target of the ascending triangle, we could see a pullback to around 1400-01 per the bullish count for wave (ii), or should the bearish count play out, then a new low below 1343 to complete wave [A] down.  With such disparate paths ahead, it’s nice to have the SYSTEM to fall back on, it has been spot for some time now.

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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