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.
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