I did warn “look out below”

All signs have been pointing to what happened today.  Swing trading, isn’t day trading – it requires patients.  Tops are a process, and this process might still be ongoing, time will tell.  As you would expect the remaining equities opened below there respective stops and confirmed short/sell signals.  Corn and Wheat continue to give hope to a nice new swing trade.  All that’s left are for precious metals and miners to rally.

The primary count is that minor wave 3 of intermediate wave (A) of primary wave [4] is underway.  The alternative count remains alive that this is minor wave 2 of intermediate wave (5) of primary wave [3], and there is plenty of room to the downside still for it.

spx 30

Here’s the daily chart with the typical BB settings.  I posted it a week or so ago when I made the prediction we would see days like today.
all dailyHere’s the other daily chart with the key trend lines.  As you can see, the Financials gave theirs up at last today.all dailyAnd finally, the NYMO has reached, but yet to break below the trend line off recent lows.  Once it has and turns up, then I’d expect a bounce.  I’ve been calling for a sub -75 NYMO, let’s see if we get that over the next several days.nymo

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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