All systems are on go for the Alphahorn Swing System. The biotech long was entered on Friday as BIB printed my entry level of $42.73. I entered BIB, but may switch that to LABU in the next day or two to get some leverage. The Portfolio is long all indexes other than Energy, Precious Metals and Miners.
The SPX 30 min chart below shows that the bullish inverse head and shoulders pattern was confirmed on Friday. It measures roughly 110 points, so we should see SPX 2200 before intermediate wave (3) tops out. Of course there is also the larger 300 point inverse head and shoulders seen on the daily chart that I’ve been noting form some time that measures to our bullish target of 2450-2500 SPX.The SPX Renko has been very steady and accurate in its wave counting. I’ll continue to monitor it for negative divergence of its indicators vs price as we approach the next pullback.The SPX is within a whisker of making new all time highs. Should that occur on Monday, then I’ll be able to say, “I told you so” to all the other wave counters. As far as I am aware, I’m the only prominent wave counter that didn’t call a top back in 2015, but predicted a rather quick and abrupt drop that would be followed by new highs for equities in primary wave . Some wave counters have acquiesced and taken on my count, others are still calling this a B wave bounce. But right or wrong, I haven’t deviated from my call, and thankfully, my Alphahorn System has backed it up and we’ve profited nicely this year.