3/7 – 10:55 a.m. New York time
I have no new positions and no exits in sight for today,
My position in IWM has moved higher, slightly exceeding the high of Feb. 27, which in Elliott wave terms I had counted as the beginning of the 3rd wave down at the Minuette degree, which is the level at which I trade. With today’s higher high, I’am switching my count to a continuation of the 2nd wave, and internally perhaps the final push to the upside within the 2nd. Once that push is complete, then the 3rd wave to the downside iwll begin.
GLD has begin a decline as it continues its 3rd wave to the downside.
Bottom line: Neither of these requires an action now, and appears unlikely to require action the rest of the day.
By Tim Bovee, Portland, Oregon, March 7, 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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