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.
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.
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Based on a work at www.timbovee.com.