Weekend Update

2013 Alphahorn Swing SystemNot much of a week, typical of a 4th wave subwave of a strong wave 3.  The equities consolidated, while precious metals retraced more deeply.  Silver and gold were both down hard on Friday, and I believe Gold has finally completed it’s pullback, we’ll see if the System confirms this this week.

The 30 min chart shows my favored count that minuette wave (iii) is subdividing as the SPX tracks upward to complete minute wave [v] and minor wave 3.spx 30  The daily Renko is back as it is beginning to confirm the top of wave 3 is coming.  I’m showing it now so that we can begin to watch the negative divergence build between price and the indicator just below the price graph.  This should take a week or 2 to develop as minute wave [v] completes minor wave 3 up, while this indicator begins to show weakness.daily renko

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 and tagged , , , . Bookmark the permalink.

Leave a Reply