Live: Wednesday, Aug. 29, 2018

9:50 a.m. New York time

I’ve brought my  Elliott wave analysis down to a shorter-term level in an attempt to judge how far the present rise has progressed. There are often ambiguities in a wave count, so this is one of several ways of assessing the rise. It shows that wave C in the Minor degree {+2} was completed on Aug. 27 by wave 5 of the Minute degree {+1}, or nearly so.

It’s also possible to count the peak I have labelled 3 {-1} as 1 {-1}, in the Subminuette degree. If that turns out to be the case, then what I have labelled as wave 5 of the Minuette degree is in fact wave 3 of that degree, and the C wave of the Minor degree {+2} still has a ways to go.

In either case, I see no opportunity to trade back in to SPY today, and so I shall wait for the ambiguities to resolve themselves. That will take a decline off of the Aug. 27 peak, perhaps a sharp one with a gap to signal that the trend has changed.


By Tim Bovee, Portland, Oregon, Aug. 29, 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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