Live: Thursday, March 26, 2020

1:50 p.m. New York time

The upward correction of the larger downtrend continues. I anticipate no trades today.

Elliott wave analysis: The rise can be counted as placing us in a Minor C wave within an Intermediate 4th wave. The rise today has pierced the 38.2% Fibonacci retracement level, a common resistance point for 4th waves, but has not moved much beyond it. The 4th wave tends to be complex rather than simple, so I doubt that it’s over yet. If today’s rise were the end, it would make it a weak zig-zag pattern. I think that instead, it will be a sideways flat pattern, which gives us a series of waves staying above the end of the preceding 3rd wave, 2174 on the S&P 500 futures, and each terminating around the 38.2% retracement level, which is 2541.87 on the S&P 500 futures.

By Tim Bovee, Portland, Oregon, March 26, 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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