Chart Update possible roadmap

Looking ahead at the rest of the week we could get an idea of which count is in play by the size of the bullish falling wedge that develops.  If the bullish count that intermediate wave (4) is tracing out an abc correction, then we should see a bottom around 1707, the S2 support on the daily chart below.spx  The 30 min chart shows the smaller proposed wedge, the upper line will be set by the expected small bounce today and perhaps into tomorrow.  The timing might work to go short at today’s close, then long for either the beginning of wave (5) of [3] or the wave (B) correction under the bearish count, either at Friday’s close or Monday’s close.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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