Live: Thursday, April 26, 2018

4/26 – 3:15 p.m. New York time

SPY continued to rise in an A-wave upward correction at the Subminuette level, exceeding the 78.7% Fibonacci level. I entered no new positions today and exited none of my existing positions.

4/26 – 11:35 a.m. New York time

SPY on Wednesday moved into a 4th wave correction to the upside in the Minuette degree. It has in a Subminuette A wave retraced 78% of the Minuette 3rd wave decline. Since SPY is now in a 4th wave and the 2nd wave was a zig-zag, then by the principle of alteration the present move ought to be a flat (sideways) move.

I’m uncertain about the degrees that I’m using on my count, but ultimately, it doesn’t matter for my decision. I know SPY is in a 4th of wave of some degree, and the next move is likely to be to the downside, either as a B wave of some degree or as a 5th wave in the direction of the impulse downtrend. Either one will trigger the Fisher Transform into a downtrending mode, signaling an exit.

My SPY positions were analyzed at entry here and here.

Below, a 10-day SPY chart with 5-minute bars, annotated with my Elliott wave count and the Fibonacci retracement of the Subminuette A wave correction (a) discussed above.


By Tim Bovee, Portland, Oregon April 26, 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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