3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures fell during the session to 7519.25 and then rose into the 7570s.

Elliott Wave Theory. Two possibilities remain. Either wave B{-8}, now in a downward correction, will rise again beyond Thursday’s high, or the price will continue to fall, lending credence to a scenario that sees wave B{-8} as having ended on Thursday and wave C{-8} as having begun.

At this point, the correct conclusion is uncertain.

Decision Points. A rise above Thursday’s high of 7674.75 would support the interpretation that wave B{-8} continues. A renewed decline below 7519.25 would strengthen the case that wave C{-8} is underway.

Neither outcome alone would settle the count. The developing subwave structure will determine which interpretation prevails.

9:35 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures rose overnight to 7669.25, retreated to 7642.25, and returned to the 7650s.

What Does It Mean? Elliott Wave Theory. Rising wave B{-8} continues. It is a subwave buried three degrees lower within falling wave E{-5}, the final subwave within the expanding triangle, wave 4{-4}, that began October 29, 2025.

Decision Points. The continuation of the rise supports the existing wave count. Rising wave B{-8} will eventually give way to falling wave C{-8}, completing the correction at this degree.

A move above the starting point of wave A{-8} would invalidate the current count and require reassessment. Until then, the existing structure remains intact.

The Chart. The chart focuses on declining wave E-5, the final subwave of the expanding triangle, wave 4-4. Within E-5, falling wave A-6 contains falling wave A-7. At the next smaller degree, rising wave B-8 may have ended, giving way to falling wave C-8.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 13, 2026.

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Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures reached a session peak of 7674.75, and then withdrew into the 7610s.

Elliott Wave Theory. Rising wave B{-8} ended at the session peak and falling wave C{-8} began. Or so it appears. It’s also possible that wave B{-8} continues.

Decision Points. A continued decline, developing five subwaves, would strengthen the interpretation that wave C{-8} has begun. A renewed rise above 7674.75 would invalidate the interpretation that wave B{-8} ended at that level.

Under either interpretation, the larger downward correction remains underway.

9:35 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures rose to 7626 in early trading overnight and then began to fall, reaching a low of 7572. They then reclaimed some of the loss, rising back into the 7590s.

What Does It Mean? Elliott Wave Theory sees wave B{-8} as continuing its rise, despite the overnight decline. It is a subwave of a series of waves of increasing degree, all of them A waves within falling wave E{-5}, the final subwave within wave 4{-4}, an expanding triangle that began on October 29, 2025.

Decision Points. The overnight decline is consistent with a downward correction within rising wave B{-8}. A resumption of the rise would support that interpretation.

A move above 7626 would establish a new high for the current advance. A decline below 7572 would extend the correction but would not, by itself, invalidate the existing wave count.

The Chart. The chart focuses on declining wave E{-5}, the final subwave of the expanding triangle, wave 4{-4}. Within E{-5}, falling wave A{-6} contains falling wave A{-7}. At the next smaller degree, rising wave B{-8} may have ended, giving way to falling wave C{-8}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 12 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued to rise during the session, reaching into the 7670s.

Elliott Wave Theory. Rising wave B{-8} continues, a subwave buried three degrees deep within falling wave E{-5}, the final wave of an expanding triangle that has been underway for a bit more than a year.

Decision Points. Wave B{-8} is an upward correction within a larger decline. Once it is complete, falling wave C{-8} will begin, resuming the downward movement. The current rise remains consistent with the existing wave count.

9:35 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures resumed their rise overnight, climbing from 7584 to 7620.

What Does It Mean?

The rise, seen through the lens of Elliott Wave Theory, confirms that rising wave B{-8} is still underway.

Wave B{-8} will be followed by falling wave C{-8}. Both are happening three degrees below wave E{-5}, the final wave within a long-running expanding triangle, wave 4{-4}, that began on October 29, 2025.

Decision Points. The overnight rise suggests that the downward correction within wave B{-8} has ended and that the next rising subwave is underway.

The immediate question is whether the rise will continue beyond the recent high in the 7620s. A sustained decline below 7584 would call the interpretation of the latest upward movement into question.

The Chart. The chart focuses on declining wave E{-5}, with wave A{-6} underway. Within that decline, falling wave A{-7} contains the current rising wave B{-8}, which is undergoing an upward movement.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 11 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures fell during the session to 7493, and then rose, reaching into the 7630s.

Elliott Wave Theory. The early halt to the decline and the upward reversal suggest that the decline is a downward correction within rising wave B-8, which is part of falling wave A-7. Both are occurring within falling wave E-5, the final wave of an expanding triangle, wave 4-4, that began on October 29, 2025.

Decision Points. The immediate question is whether the downward correction within wave B-8 has completed its course. A renewed rise would support that interpretation. A new decline below 7493 would require further examination of the smaller subwaves, but would not alone invalidate the larger B-8 count.

9:35 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures began to fall after Monday’s session peak of 7600.50, reaching 7509 before recovering into the 7520s as the opening bell drew near. The decline preceded the release of the Consumer Price Index inflation report, which said prices rose by 0.4 percent in October.

What Does It Mean? Elliott Wave Theory. The reversal, if it continues, suggests that rising wave B{-8} was unusually short and that declining wave C{-8} has begun. Alternatively, the rise was a subwave within wave A{-8}, which remains unfinished, and wave B{-8} has not yet begun.

Both interpretations fit within the larger declining wave A{-7}, itself part of falling wave A{-6} within wave E{-5}, the final subwave of the expanding triangle that began on October 29, 2025.

Decision Points. The immediate question is whether Monday’s peak at 7600.50 ended wave B{-8}. A continuing decline, particularly one that develops five downward subwaves, would strengthen that interpretation. A renewed rise above 7600.50 would invalidate the conclusion that C{-8} began at Monday’s peak. The alternative is that A{-8} remains underway, with B{-8} still to come.

The Chart. The chart focuses on declining wave E-5, with wave A-6 underway. Within that decline, falling wave A-7 contains the current rising wave B-8, which is undergoing a downward correction.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 10 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued to rise during the session, reaching above 7600.

Elliott Wave Theory. Wave B{-8} continues its rise. The higher it goes, the more likely are its credentials as a B wave. the middle wave of a three-wave downward correction, wave A{-7}.

Those credentials remain valid unless the price moves beyond the start of wave A{-8}. A move above that level would require a reanalysis of the chart.

Decision Points.

The rising B wave remains underway, with no indication yet that it has reached its endpoint. Once it ends, a declining wave C-8 should follow, completing the three-wave correction at degree -7.

The beginning of wave A-8 remains the invalidation level for the current B-wave count. A rise beyond that point would require reassessing the structure.

9:35 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures continued rising overnight after trading resumed, reaching into the 7470s as the opening bell approached.

What Does It Mean? Elliott Wave Theory sees the rise as rising wave B{-8} within falling wave A{-7} and the larger falling wave A{-6}.

All of this is happening within wave E{-5}, the final wave within an expanding triangle that began on October 29, 2025. The triangle is the form taken by wave 4{-4}, a downward correction.

Decision Points.The rising wave B{-8} remains underway. When it ends, falling wave C{-8} should begin, completing the three-wave correction within wave A{-7}. A decline below 7322.25, the November 6 low, would strengthen the conclusion that the larger downward movement has resumed.

A rise above the starting point of wave A{-8} would invalidate the present count at that degree.

The Chart.The chart focuses on declining wave E{-5}, which began at the October 6 high of 7897.50. Within it, falling wave A{-6} remains underway. Several degrees lower, declining wave A{-7} contains the current rising wave B{-8}, which follows the completion of falling wave A{-8}. A final downward wave C{-8} is expected to follow.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 9, 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures rose during the session, into the 7460s.

Elliott Wave Theory. Falling wave E{-5} continues, as does its subwave, A{-6}.

Buried several degrees deeper is the current wave of interest, a downward wave that appears to have begun its rising B wave.

The rising B wave is expected to unfold in three subwaves. Its completion will signal the beginning of declining wave C, which should carry prices below 7322.25.

Decision Points. A move above the starting point of the preceding A wave, 7897.50, would invalidate this immediate B-wave count.

9:49 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures fell further overnight, a downward journey that began on October 6. The overnight low was 7322.25.

What Does It Mean? Elliott Wave Theory. Underway is wave E{-5}, the final wave of an expanding triangle that began on October 29, 2025. The triangle is the form taken by wave 4{-4}.

A trick of the trade in dealing with expanding triangles is to draw a line on the chart connecting the end points of the first two rising subwaves , and another line connecting the ends of the first two falling waves. The lines, extended into the future, form a boundary of sorts, where future waves are likely to end.

Although some crash beyond the boundary, as was the case with rising wave D{-5}, which rose significantly beyond the upper boundary.

Overnight, falling wave E{-5} fell below the upper boundary, to 7322.25, and then bounced up a little. In theory, it will moved below the boundary, and continue to fall until it reaches the lower boundary.

Here’s a chart from October 6 showing the entire triangle.

Decision Points.

The immediate question is whether the overnight low of 7322.25 marks the end of a smaller declining subwave within wave E-5.

A rise from that low would indicate an upward correction within the larger decline. A renewed fall below 7322.25 would extend the decline and strengthen the expectation that wave E-5 will continue toward the lower boundary of the expanding triangle.

A sustained reversal upward would require a reassessment of the smaller subwave count, but would not by itself invalidate the larger expanding triangle.

The Chart. The current chart focuses on the current declining wave E{-5}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 6, 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued falling during the session, reaching into the 7380s.

Elliott Wave Theory: Wave C within a downward correction is underway. It is the final subwave. When it is complete, an uptrending wave with five subwaves will begin.

These are relatively small waves, buried within the larger wave A{-6}, the first subwave of wave E{-5}. Wave E{-5} is the final subwave within wave 4{-4}, the expanding triangle that has dominated the S&P 500 charts since October 29, 2025.

The larger declining wave E{-5} remains underway regardless of the smaller upward correction that follows.

Decision Points

The session low at 7388.00 is the immediate downside reference. A move below it would extend the declining C wave.

A sustained rise above the session low, followed by a recognizable five-subwave advance, would provide evidence that wave C has ended and the next upward wave has begun.

9:41 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures rose overnight from 7694.25 to 7738.75, and then fell to the 7630s.

What Does It Mean? Elliott Wave Theory sees a continuation of rising wave B within a downward correction.

Could wave B have ended? I think not. A B wave has three subwaves. So far, there have been two. I expect to see a rise above wave B’s current high before the wave reaches its end.

The correction is several degrees below wave A{-6}, the initial subwave within wave E{-5}, the final subwave of a large expanding triangle that began on October 29, 2025. The triangle is wave 4{-4}, a downward correction.

The nature of an expanding triangle is that each rising subwave rises higher than the preceding one, and each falling subwave falls lower. Wave E{-5} is a falling wave. If it follows the typical pattern, it has a long downward journey ahead.

Decision Points. A rise above 7738.75 would support the conclusion that wave B remains underway and is progressing toward its final high.

A decline below 7694.25 would weaken that interpretation and raise the possibility that wave B has already ended.

A move above 7819.50, the October 29 high, would invalidate the current count of a declining C wave from that peak.

The Chart. The chart focuses on the current declining wave E{-5}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 5, 2026.

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Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 a.m. New York time.

Half an hour before the closing bell. The S&P 500 futures rose during the session, reaching 7746.25.

Elliott Wave Theory. Rising wave B continues. It is the middle subwave of a downward correction several degrees deep within wave A{-6}. That wave is the first subwave within wave E{-5}, the final subwave of an expanding triangle, wave 4{-4}, a downward correction that has been underway since October 29, 2025.

Decision Points. The rise remains wave B so long as the structure of the larger decline remains intact. A move above 7819.50 would invalidate the present placement of this correction within the falling C wave. Once wave B ends, falling wave C should carry the futures below the wave A low at 7490.

9:35 a.m. New York time.

What’s Happening Now? The S&P 500 E-mini futures fell overnight to 7490 and then reversed, rising into the 7680s.

What Does It Mean? Elliott Wave Theory: Falling wave E{-5} continues, as does its subwave, declining wave A{-6}.

The downward correction we’re tracking closely, several degrees smaller, has completed its falling subwave A, and rising subwave B has begun.

The parent corrective wave has three subwaves, A, B and C. Once rising wave B ends, falling wave C will complete the structure.

Decision Points.

The beginning of the smaller wave A marks the upper boundary for wave B. A rise above that level would invalidate the immediate corrective count.

The end of wave B will mark the beginning of falling wave C. A decline below 7490 would provide evidence that wave C is underway, although the internal five-wave structure will be needed to establish its progress.

The Chart. The chart focuses on the current declining wave E{-5}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 4, 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures rose during the session, reaching 7623.75, and then dropped back slightly below 7600. There they lingered.

Elliott Wave Theory. The analysis remains unchanged.. Falling wave E{-5} continues, as does the downward correction that began on October 6. Within that correction, a declining C wave remains underway.

Decision Points. The session’s rise has not altered the downward wave count. A move below today’s low of 7546 would extend the decline. A move above 7623.75 would suggest that the upward correction has further to run, but would not by itself invalidate the larger downward count.

The Chart. The chart focuses on the current declining wave E{-5} and the rising wave that preceded it, wave D{-5}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 3, 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com

9:50 a.m. New York time

What’s Happening Now? The S&P 500 E-mini futures rose sharply overnight as the session’s opening bell approached, reaching 7604.75, then falling into the 7570s.

What Does It Mean? Elliott Wave Theory’s analysis remains unchanged. Falling wave E{-5} continues. It is the final subwave of wave 4{-4}, which began on October 29, 2025, and has taken the form of an expanding triangle.

Within wave E{-5}, the final subwave, wave C{-6}, is underway. At present, our analysis is focused on a declining C wave that began on October 6.

Decision Points. Theovernight decline reached 7546, establishing a new low in the correction. A further decline below that level would strengthen the interpretation that the falling C wave remains underway.

A rise above the overnight high of 7604.75 would signal a stronger upward correction within the decline, but would not invalidate the larger wave count.

A rise above 7819.50, the October 29 high, would invalidate the interpretation that the current declining C wave began at that point and require a reassessment of its internal structure.

The Chart. The chart focuses on the current declining wave E{-5}.

These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures and the direction of the wave.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro 10/6/2026, 7897.50 (down)
• A{-6} Submicro 10/6/2026, 7897.50 (down)

Reading the chart. Price movements — waves — in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart. R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

Learning and other resources. Elliott Wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory… The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.

See the menu page Analytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, November 3, 2026.

---

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on work atwww.timbovee.com