Live: Friday, Aug. 17, 2018

3:10 p.m. New York time

SPY is continuing to work its way up, and I shall wait until next week at the earliest before re-establishing a bear position.

11:25 a.m. New York time

SPY reached at peak at the very small degree I’ve been tracking, the Tiny degree {-5). See my discussion yesterday and my chart talk the day before.

This chart of SPY is a 20-day chart with hourly bars. It clearly shows three waves to the upside, ending in a 4th wave downward correction at the Tiny degree, and I now anticipate a 5th wave to the upside, completing the Minuscule {-4} degree rise.

spy20180817

Bottom line: I should consider re-establishing my position either today or Monday. I’ll be keeping an eye on it and make a decision later today.

By Tim Bovee, Portland, Oregon, Aug. 17, 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.

License

All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Based on a work at www.timbovee.com.L

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