Quick closing update

spx 30should the indexes make a lower low here at the close, it’s actually bullish.  It will turn the existing 5 wave pattern into a 7 wave pattern.  If no new low is made, then we have 5 waves down, which could mean that primary wave [3] has topped.  However, should the SPX make a new low, then we have 7 waves and an abc x abc complex corrective pattern consistent with my favorite wave count that wave four is tracing out.

spx daily

An alternative is that many indexes are tracing out ending diagonals for intermediate wave (5).  Ending diagonals allow waves 1 and 4 to overlap.  If this is correct, then the previous low, marked [blue] 2 must hold.  I’m off to the airport, that’s it for 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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