2/15 – 3:05 p.m. New Yor time
No change in the situation today. I am standing down until the market moves in a way favorable to my reading of the trends: We’re in an upward correction in the broad market within a larger downtrend.
In Elliott wave terms, I’m looking for a downward impulse wave at the Minuette degree before re-entering the markets. The Minuette degree is roughly equivalent to the daily Fisher Transform metric that I monitor for trend signals.
2/15 – 11:40 a.m. New York time
The counter-trend rally continues in equities. I anticipate no trades today. In Elliott wave terms, so far the corrective rise has retraced about 50%, a Fibonacci level, of the downtrend’s 1st wave.
By Tim Bovee, Portland, Oregon, Feb. 15, 2018
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.
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