Weekend Update and Chart Extravaganza

Alphahorn Swing 2015Equities continue on long/buy signals and Silver continues on its short/sell signal.  We continue to ride very nice returns on these long trades we entered after the bottom of primary wave [4].  Gold was stopped out today and is now in cash joining Wheat, Corn, Energy and Miners on the sidelines.

The 30 min chart shows the favorite count that minor wave 3 of intermediate wave (5) of primary wave [5] is subdividing into 5 minute waves.  If correct, then minute wave [iii] should impulse up early next week.  The alternative blue count is ultimately a bit more bullish, but requires an immediate term pullback perhaps after making a slightly higher high to complete minor wave 1.  Minor wave 1 per the blue count either topped 2097 or will top slightly higher than that then pullback in minor wave 2.spx 30Regardless of which count prevails, the favored green count or the blue count, I expect to see the butterfly pattern develop over the coming weeks as the SPX makes a new all time high and completes Cycle 1.spx dailyThe daily SPX Renko supports the favored count looking for a final push up to complete the bull market and cycle wave 1.  It continues to provide a very clean wave count off the March 2009 low.renkoThe weekly chart has been a great supporting chart as well.  It predicted the primary wave [3] top in March and the primary wave [4] bottom in September.  Its key indicators just below the price chart (2nd Nd 3rd indicators) have remained in their respective overbought ranges having yet to roll over indicating a top was in place.  Many talented wave counters called the primary wave [3] the top.  I believe this chart is evidence that they will be proven wrong.spx weeklySometimes the simplest charts are the most telling.  This simple monthly chart of the SPX shows a great price channel off the 2009 low. Waves [1] and [3] touched the upper channel as expected, [2] and [4] the lower.  Fifth waves often are too weak to reach the upper channel line, but should put in a new all time high before the SPX rolls over in cycle 2.spx monthlyFinally, the monthly Renko charts echo what I’ve been saying all along.   We should see new all time highs in the coming weeks/months.

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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