Live: Wednesday, Aug. 15, 2018

10:20 a.m. New York time

Having exited my former SPY position on Tuesday, the next task is to figure out when to re-establish a position with a later expiration date.

This early in the decline from the Aug. 7 peak, I’m somewhat arbitrarily declaring the degree of my count to be one so low that it doesn’t have an “official” name. I’ve elected to call it the Tiny degree {-5}, one degree smaller than the officially named Minuscule degree {-4}. As the pattern develops, I may decide to change that degree to a higher one. Or not. There’s no way to tell yet.

The SPY chart covers 15 days using 5-minute bars.


By my count we are in the 5th wave down of the tiny within the 1st wave of the Minuscule degree. I’m waiting for that 5th wave to end, and intend to enter a new position on SPY during the 2nd wave Minuscule, an uptrending counter-trend correction.

We’re not there yet. I don’t anticipate trades today. Waiting is.

By Tim Bovee, Portland, Oregon, Aug. 15, 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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