Thursday Update

The Alphahorn Swing System remains all buy/long Signals.

The favorite wave count remains minor wave 3 of intermediate wave (3) is underway with minute wave [iii] as the current subdivision. This wave count calls for a continued upward movement.

Yesterday I showed the ending diagonal that could be forming on the SPX, DOW and Nasdaq. Ending diagonals can morph into channels with an impulsive move up as expected with the favorite count. However, should it break down then it opens a couple of possibilities: the one I should last night and the ultra bearish one shown below that the bull market is drawing to a close. This count remains the lowest possibility count in my opinion, but one that we need to be aware of given all the variables in the geopolitical landscape.

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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