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
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