11:25 a.m. New York time
I have updated SPY with results.
10::10 a.m. New York time
SPY rose this morning, moving higher than the Aug. 7 high, which was the starting point of wave 1. Under the rules of Elliott Wave analysis, a 2nd wave cannot move beyond the base of the 1st wave of identical degree.
The SPY chart covers 15 days with 10-minute bars.
I have exited my position, since the rationale for entry no longer hold, and shall rework the analysis with an eye to determining a new re-entry..
By Tim Bovee, Portland, Oregon, Aug. 21, 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.
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