Monday Update

Today’s limited holiday action had little to no effect on the market. The SPX, DOW and Financials all remain on buy/long Alerts and need closes above Friday’s highs of SPY 296.25, DIA 268.16, and XLF 27.65, to confirm those Signals and join the Nasdaq and of course Real Estate on long/buy Signals.

No changes for the wave count scenarios. The bullish blue count is that minor wave 3 of intermediate wave (3) of primary wave [5] is subdividing. Within minor wave 3, minute waves [i] and [ii] are complete and now minute wave [iii] is subdividing with minuette waves (i) and (ii) complete. The red count is the ending diagonal count and has 2 variations. The ultra bearish, failed fifth wave count, is that C2 is underway and minor waves 1 and 2 of intermediate wave (1) of primary wave [A] is now complete and a very impulsive down wave is due. If correct, then by the end of this week we should have no doubt as to whether this count is correct or not. Alternatively, the ending diagonal could have another leg up to complete around R2 currently 3052ish. Either way, I favor new all time highs for the SPX.

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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