Chart Update

nymo intradayThe one chart that was particularly immediate term bearish yesterday was the NYMO.  A quick look at the intraday NYMO chart shows that it has fulfilled the lower low I was looking for before an immediate term bounce could take place.   I will be looking to exit some if not all bearish equity ETFs before the close today if the SPX starts to show some bounce.  Looking at the micro wave count, we could see another small push down to put in a nice double bottom.

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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