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.

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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