Primary Wave [4] Triangle

It might prove that my initial instincts for primary wave [4] were correct. See post from August 8th here: Initial forecast [4].  With today’s opening set for around SPX 1942 we appear to still be in primary wave [4].  It makes sense that the market would consolidate for some time after such a nice run off the 2009 lows before making its final surge to new highs.  Intermediate wave (C), if correct, should be heading to around SPX 1900.  From there, we should see a wave (C) bounce to SPX 2090ish, then another drop to 1925ish to complete [4].  It’s going to be a choppy first half of the trading year.spx daily countThere is significant support at 1942, (this will be the last chance for minor wave 2 to hold and for the market to impulse up to new highs) but more than likely that will provide only a catalyst for a small bounce, the SPX looks to be headed to around 1900ish to meet the lower triangle trend line.

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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