3:20 p.m. New York time
I placed no trades today.
10:05 a.m. New York time
In Elliott wave terms, SPY continues its 3rd wave down at the Subminuette level. Within that movement I see Tuesday’s low as being the 3rd wave a lesser degree, perhaps Micro, perhaps a degree below that. Today’s bump back to the upside at the opening would be an A wave within a 4th wave correction within that lower degree.
As one of my favorite sci-fi writers puts it,
“Wait a bit, Tyek,” Farad’n said. “There are wheels within wheels here.”
The continuation of the Fisher Transform in downtrending mode on both the daily and monthly charts buttresses that counsel.
By Tim Bovee, Portland, Oregon, May 30, 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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