10:15 a.m. New York time
I have exited ARKG for a small profit and shall update the entry analysis with results within the next half hour.
10 a.m. New York time
I’ve reworked the charts for both of my positions, and neither requires adjustments at this point.
SPY is in a C wave within a 2nd wave countertrend correction. Once that C wave has ended, I expect the 3rd wave down to new lows to begin.
The SPY chart spans 20 days with hourly bars.
ARKG is marking a B wave to the upside before beginning a 3rd wave down. I count the C wave has having nearly completed five waves up, and so I shall take my profit today in order to avoid the coming decline.
The ARKG chart is one year with daily bars.
By Tim Bovee, Portland, Oregon, July 10, 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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