Live: Tuesday, May 29, 2018

3:30 p.m. New York time

SPY has declined below the May 15 low, breaking past the sideways patten set the day before.

I placed no trades today.

9:55 a.m. New York time

SPY has been tracing low-degree sideways corrective pattern since May 14, and this morning’s opening decline remains within the range of that pattern.

The low as of this writing is $269.90, from which it has retreated to $270.34. The prior low in the pattern, on May 15, was $270.03. Basically, our three-day weekend has changed nothing.

I see no trades today. Here are links to the opening analyses for my positions: SPY options (here and here) and shares in the inverse S&P 500 fund SPXU,

Here’s a fresh the Elliott wave chart. The only change is that I have returned the composite labeling to that proposed by R.N. Elliott — a-b-c-x-a-b-c — all of the same degree, rather than using the a-b-c-W-a-b-c nomenclature of Robert Prechter, which puts the W one degree higher.

The chart spans 20 days with 30-minute bars.


By Tim Bovee, Portland, Oregon, May 29, 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.

Creative Commons License

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on a work at