Live: Friday, April 13, 2018

4/13 – 4 p.m. New York time

As we approach the closing bell, my assessment of the market relies entirely on my Elliott wave count of the small levels of SPY chart, working from Minuette down to Submicro.

By my count, on April 1 we competed wave 5 of the Mubmicro level within the C wave at the Micro level, which in turn wraps up the 2nd wave at the Subminuette level. This is all taking place within a 3rd wave  of the bearish Minuette 3rd wave that began on March 13.

In terms of strategy, I would have done best to get out at the Minuette 3rd wave top, but that didn’t happen. The present 3rd wave down at the Subminuette level will give me some respite and in turn provide an opportunity to exit at a profit.

Below, a 20-minute chart of SPY covering March 29 to April 13, annotated with my Elliott wave analysis.

The Subminuette level in Elliott has the number or letter within a circle, but that is not possible on my platform, so I have used square brackets.


4/13 – 3:15 p.m. New York time

SPY has declined during the day, remaining within the upper reaches of its present sideways channel. I placed no trades.

4/13 – 11:55 a.m. New York time

SPY continues the sideways course established from the March 23 low. I shall continue to hold my options positions, which expire in mid-May. Entry analysis of my positions may be found here and here.

The bear market that began  Jan. 26 has turned my trading on its head, as I moved from rapid-fire earnings plays to a slower paced trade in index funds.

A Bloomberg News article published today suggests that I’m not alone: “The Stock Market Is Getting What It Abhors“, by Jaren Dillian.

By Tim Bovee, Portland, Oregon, April 13, 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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