10:30 a.m. New York time
SPY has peaked and this morning began its next Elliott wave down. I count it as a B wave with an ongoing correction. It could rather be a 3rd wave down. As the movement progresses I’ll adjust my count as needed.
The SPY chart covers 10 days using 5-minute bars.
My position on SPY expires at the end of next week. My intent is to hold on until perhaps as late as Wednesday, and then exit. On Monday, when I have more verification that this is indeed the beginning of the downward wave, then I shall consider when I should entered the next position with a later expiration.
By Tim Bovee, Portland, Oregon, Aug. 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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