Tuesday Update

2013 Alphahorn Swing SystemAs I hope you knew from last night’s update, and reminded this morning just after the open, the DOW and Financials both confirmed their buy/long signals with their gap up openings.  The portfolio took its loss on the FAZ (financial short) trade, roughly $1455 and entered FAS bringing the portfolio long across the board.

The 30 min chart shows the wave counts.  I now favor the more bullish count that minor wave 3 of intermediate wave (5) of primary wave [3] is underway.  If correct, then we should see new highs before a more dramatic correction.  What is now the alternative count is that minor wave b of intermediate wave (A) of primary wave [4] is near completion.  Once complete, then the deepest leg of the pullback should ensue and should find support around 1560.spx 30

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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