2:10 p.m. New York time
I entered a bear call spread position on SPY.
11:55 a.m. New York time
This morning’s SPY chart, covering five days with 5-minute bars.
I’ve moved the degrees up a bit, making the Aug. 15 low the end of the 1st wave of Minuette degree. For this chart I’ve counted the Aug. 20 high as the end of the 2nd wave of Minuette degree. It could also be seen as the end of the A wave of the Subminuette.
In either case, the next wave is down, and I plan to re-enter SPY today or tomorrow, with a bear position.
By Tim Bovee, Portland, Oregon, Aug. 20, 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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