Weekend Update: Friday’s bounce right on schedule

The equities for the most part have traced reversal hammer candles at key levels of support just as I suspected when I made the midday update on Friday. Once again Real Estate provided a nice leading indication of the direction for most equities. The DOW remains the only equity index other than Energy that has closed below its key red/green indicator, but I expect that to change on Monday. No changes for the Alphahorn Swing System as Energy, precious metals and miners continue on sell/short Signals and equities continue on long/buy Signals.

The 3 wave count options remain alive. My favorite green count is that minute wave [ii] of minor wave 3 might have just concluded and now minute wave [iii] of minor wave 3 of intermediate wave (3) of primary wave [5] is underway. This is the long term ultra bullish alternative that should propel the SPX to ~3300 before the bull market draws to cloese. My second favorite count is that intermediate wave (4) of [5] just concluded and now the final leg up to conclude the bull market is underway with an SPX target of ~3050. And lastly, there is a small chance that the bull market might have alread died

The NYMO chart also calls for an immediate term swing change with positive divergence and a turn up from the line off the higher low.

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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