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.
I have finished updating the analyses for short iron condor options spreads with results. They all expire next Friday. The symbols, with links, are XLB, XLE, XLI, XLP and XLV.
By Tim Bovee, Portland, Oregon, March 14, 2020
Disclaimer
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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Based on a work at www.timbovee.com.
[…] March 3. The corrective 2nd wave that ended today ended near a Fibonacci level of 38%. (See the Private Trader Live post of Saturday.) Under this scenario, the 3rd wave is likely to be longer than the 1st wave, which ended Friday, […]
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