9:50 a.m. New York time
SPY this morning is trading within the prior day’s range. In Elliott wave terms, at a very low degree the downward wave that began Friday is in a 4th wave counter-trend correction. (See Friday’s chart.) These are very small movements that have little significance to most human traders; the downward movement has only just begun and has much distance to travel before it reaches its end.
I anticipate no trades today.
By Tim Bovee, Portland, Oregon, Aug. 13, 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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