Live: Tuesday, March 24, 2020

1:55 p.m. New York time

I read today’s chart, using Elliott wave analysis, as being the start of a 4th wave correction to the upside of the Minor degree. It is correcting the 3rd wave decline that began on March 13 at 2710.89 on the S&P 500 and ended yesterday at 2191.86, a decline of 519.03, or 19.1%.

Screen Shot 2020-03-24 at 10.52.15 AMGenerally 4th waves tend to be shallower and take longer to run their course than do 2nd waves. Both are market corrections, but they differ in form.

Currently, the price is approaching a 50% retracement. Under the wave framework, a 4th wave never moves beyond the end of the 1st wave, which in this case is 2478.86. If the present upward movement exceeds 2478.86, then I shall go back and re-analyze the chart.

No trades today. I’m hanging on to my bearish positions until there’s some clarity about this movement.


By Tim Bovee, Portland, Oregon, March 24, 2020


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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