Wednesday Update

alphahorn portfolioPer the pre-closing update the Portfolio took profits on UPRO and QLD today.  The Real Estate and Financial indexes have broken up through key resistance, but I expect initial resistance for the major indexes to result in a small pullback at least.  A small neutral cash position to possibly find a better entry point either long or short.

 

The 60 min chart for the SPX shows what I believe to be the most likely scenarios.  The blue count is that primary wave [4] is complete and primary wave [5] is underway as a resumption of the bull market to new highs.  The red count is that Cycle Wave 2 is underway and will be a 3,3,5 flat for primary waves [A],[B]&[C].  Wave [A] is complete and [B] is underway.  The second wave of [B], intermediate wave (B) is expected to begin in the immediate to near future.  (The blue count can also mirror this count for the resumption of primary wave [4] of Cycle Wave 1).spx 60

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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1 Response to Wednesday Update

  1. guavaghaut says:

    Was there a Thursday update?

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