5:20 p.m. New York time
As I read the chart we are now in an upward movement that corrects a portion of the decline from March 3. Some likely end points of the correction on the SPY chart, using Fibonacci numbers, are $288 (62% retracement), $280 (50%), and $273 (38%).
In Elliott wave terminology the correction would most likely take the form of a zig-zag: up-down-up more.
My bear holdings all expire April 17, so based on the chart analysis, I shall hold what I have and wait a bit before entering new positions.
By Tim Bovee, Portland, Oregon, March 14, 2020
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