Live: Monday, June 4, 2018

3:10 a.m. New York time

No significant change from this morning, and I placed no trades.

11 a.m. New York time

The chart is in its Elliott wave essence unchanged from Friday. It’s higher, but the count is entirely consistent with the chart posted before the weekend: SPY, tracking the S&P 500, rising a C wave to the upside at the Micro and Minuette levels. Dropping down to the Submicro level, I count it as a 3rd wave within the Micro degree C wave.

The chart, taken at 10:30 a.m. New York time, encompasses 30 days with one-hour bars.


Under Elliott doctrine, once the Submicro 3rd is complete, thee will be a 4th wave correction, most likely sideways under the Rule of Alteration, and then a 5th wave to complete the movement.

The daily and monthly Fisher Transform signals remain at odds, uptrending for the daily and downtrending for the monthly.

With the options in my position expiring June 18, the over-riding consideration is rolling the position forward to later expiry. If the uptrend continues, then I want out by Wednesday, possibly Tuesday. If the uptrend reverses, then I can go as late as Friday, June 8, or even Monday, June 11.

And so it shall go. Decisions ahead.

By Tim Bovee, Portland, Oregon, June 4, 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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