Wednesday Update

The Swing System continues on long/buy Signals for equities. Energy is showing weakness and a close below XLE $65.30 would confirm a sell/short and an exit of ERX for ERY.

Minuette wave (i) had a bit more work to do, but the minuette wave (ii) pullback looks to have begun this afternoon. Look for the 2850ish zone to provide support for (ii), then we should see the resumption of minute wave [iii] of 3 toward new all time highs. I certainly don’t play pullbacks in what are expected to be 3rd waves. This count remains valid above 2787.

The NYMO chart below is predicting an immediate term pullback (see latest pink circle). It doesn’t matter the size in these cases, but it would coincide with the expected minuette wave (ii) pullback.

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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