10:05 a.m. New York time
I’ve updated my longer-term charts for SPY, which tracks the S&P 500, and ARKG, a fund tracking the genetics sector which I am presently out of but would like to re-enter.
SPY continues an upward counter-trend correction, which I’ve labeled as a 2nd wave of the Intermediate degree in Elliott wave analysis. Within that wave it is presently tracing out a B wave of Minute degree.
The position expires in mid-August, so the trick will be to pick a low moment within the B wave to exit. The 2nd wave is contrary to my bear position.
The SPY chart covers one year with daily bars.
My count for ARKG remains bullish at the higher degrees, showing that the quickly innovating genetics sector is operating differently from the more established blue chips. Nevertheless, I see ARKG as being in a downward counter-trend correction, and I won’t re-enter my shares position until that correction is complete.
The ARKG chart covers a year using daily bars.
By Tim Bovee, Portland, Oregon, July 18, 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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