Live: Monday, May 21, 2018

3:15 p.m. New York time

No trades today. My analysis of the markets from this morning remains unchanged.

10:55 a.m. New York time

The revised Elliott wave count, showing that the 2nd wave of the Minuette degree is still underway.

The chart covers 10 days with 10-minute bars.


10:15 a.m. New York time

SPY’s gap upward this morning pushed the price above what I had labelled as the end of the 2nd wave peak of the Subminuette degree of the Elliott wave count. That means the 2nd wave is still in force, invalidating my previous count. I shall reanalyze the chart and post it later today.

The Fisher Transform on the SPY daily chart moved back to uptrending on the daily chart but remains downtrending on the monthly chart. At this point I intend no exits from my present positions, composed of SPY options (here and here) and shares in the inverse S&P 500 fund SPXU.

By Tim Bovee, Portland, Oregon, May 21, 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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