Chart Update – SPX on its way to its target

spx dailyThe original target of 1820 SPX should be the next and hopefully final stop for the SPX.  See my post from June 7th here: SPX wave [4] target 1820.  As we watch the SPX drop to new correction lows, we see that the Dow and Nasdaq are not yet testing their earlier lows.  As I mentioned in the weekend update, the DOW previously tested its typical wave (4) of lesser degrees during the intermediate wave (A) leg, the SPX did not.  So, I wouldn’t be surprised this time around to see the SPX make a relatively deeper pullback.  Should either the DOW make a lower low or the SPX break below 1820, then the odds favor that the bear market has begun.dow daily

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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2 Responses to Chart Update – SPX on its way to its target

  1. droos99 says:

    do we even wait for a bounce?

    • alphahorn says:

      I don’t give trading advise, what you do with the System and the charts I post is between you and your financial adviser. I tell you what I do, as therapy for myself to help me analyze my trading good and bad.

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