Live: Monday, April 16, 2018

4/16 – 3:10 p.m. New York time

I placed no trades today, opening no new positions and taking no action on my SPY positions, whose analyses are here and here. The positions expire May 18, so there is time, in Elliott wav terms, for Submicro waves 3, 4 and 5 to complete their work.

This morning’s gap to the upside, which carried the price above the presumed end of the Submicro 3rd wave on April 13,  changed my preferred Elliott wave analysis of the SPY chart. The Micro-level C wave remains in progress, with the Submicro 3rd wave continuing to work its way higher.

The quandary is this. the 4th wave , if it follows the common pattern, will be a sideways movement, which may lock my positions into unprofitability until wave 5 is complete. That makes a good case for taking the loss on the positions on Tuesday and re-entering when the Minuette-level 3rd wave to the downside begins.

The chart is for SPY, with a bit more than an hour to go in today’s trading.


4/16 – 11:40 a.m. New York time

No trades in sight today unless there’s a dramatic intra-day move on SPY. My goal today will be to continue my Elliott wave analysis of low level movements to gain a better understanding of where my SPY positions stand.

By Tim Bovee, Portland, Oregon, April 3, 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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