Silver confirmed its buy/long Signal with a close above 13.33 today. Energy remains on a sell/short Signal needing a close below XLE $74.13. Otherwise things remain status quo for the Alphahorn Swing System and Porfolio. The System took profits on ZSL at the close and entered AGQ.
Nothing has changed for the wave counts shown on the 30 minute SPX chart below. the blue scenario remains valid as long as the red/green horizontal support holds. This count is looking for a final push up to complete the bull market in minor wave 5. The red count is valid whether or not a higher high is made. This count should find support at the lower channel trend line for minor wave 2. If this count plays out, then we still have minor waves 2,3,4,5 yet to play out before the bull market ends.
Should the SPX break down below the red/green horizontal support line below, then it brings a couple of other scenarios into play. The red count that we’ve been showing above on the 30 minute chart that minor wave 2 of (5) is underway. Or should it break down further, below the thick red/green horizontal support line on the 2hr chart below, then the odds have shifted to the favor of the ultra bearish scenario that the bull market has reached its end.
Big picture:
