Live: Friday, June 1, 2018

3:15 p.m. New York time

The Elliott wave count allows for today’s high to be the peak of the C wave of Micro degree, although it doesn’t guarantee that it won’t go higher. I am holding my positions and shall see what happens on Monday.

As of the time of this update, the Fisher Transform remains in uptrend mode on both the daily and monthly charts.

2:40 p.m. New York time

Here’s an updated chart of SPY with revised Elliott wave analysis. I place wave C of the Micro degree as still unfolding in a 4th wave correctIon.

The chart spans from May 2 to the present with 30-minute bars.


10:55 a.m. New York time

As it did yesterday, the Fisher Transform on the SPY daily chart (left) crossed over to uptrending. Yesterday, it reversed back to downtrending before the market close. The price today has withdrawn from its peak; whether that will be enough to reverse the signal is anyone’s guess at this point.

The important point on the chart is that the high so far today has exceeded the $273.38 peak of wave 2 at the Miniscule degree (2 {-4}), which tells me that the wave count may need to be revised. I shall post a revised version later today.

For now, I’m staying my options positions (here and here) and the shares posution (the inverse S&P 500 fund SPXU) until the chart gains some clarity.

By Tim Bovee, Portland, Oregon, June 1, 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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