Live: Thursday, April 5, 2018

4/5 – 3:25 p.m. New York time

I entered no new positions and exited none.

4/5 – 11:10 a.m. New York time

I’m continuing to focus on the broad indexes, using Elliott wave analysis. By my count, SPY attained a major peak on Jan. 26 and has reversed  in an impulse wave to the downside. That is, it has been a bear market since that day.

Early on in such reversals it is difficult to know exactly at what level each wave stands. By my count we are in a 3rd wave down at the Minuette level, beginning March 13, and within that wave, a 2nd wave up at the Sub-Minuette level.

The lower-level up wave is contrary to my bear positions. They options used to construct them expire in mid-May, and so I shall wait and see how the lower-level wave develops.

My goal generally is to trade the Minuette level, but it’s a guideline, not a rule.

I have no new positions in sight at this point. I plan to take at FXE, which tracks the EUR/USD currency exchange, to see if it is of interest.

By Tim Bovee, Portland, Oregon, April 5, 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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