Weekend Update

alphahorn portfolio.PNGNO changes for the Alphahorn Swing System as all indexes remain on long/buy Signals.  The Portfolio jumped the gun a bit trading against the System as I misread the wave 3 to 4 transition as  potential end of (1).  But, as you’ll see below the SPX is butting up against some pretty good resistance and I fully expect the bearish ETFs to be profitable trades.

As I’ve noted, the SPX might melt up to test the neckline of the inverse head and shoulders pattern.  To that end, I’m still looking for the top of intermediate wave (1), perhaps it is in place or it might push on up to the neckline.  Once complete we should see at least a 38.2% retracement in intermediate wave (2).spx 60

The big picture view of the favorite blue count is shown below.  We are looking for five intermediate waves up to complete primary wave [5].  The first wave has either topped or will soon.  The first target for [5] is 3175, however I wouldn’t be surprised if it goes on much higher until the 2020 election.spx weeklyThe red bearish count technically remains alive, although it is on a respirator at this point.  Anything short of a deep retracement in the coming weeks would kill it for good.spx daily log

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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