Live: Tuesday, March 31, 2020

1:55 p.m. New York time

On the S&P 500 futures chart, the upward correction appears to not yet be complete, as the peak today, 2635.75 before the opening bell, exceeds the peak of 2,634.50, on March 26, which I had tentatively labeled as the end of Elliott wave 4.

Using Elliott wave analysis, what is happening, I think, is a combination of some sort that is still underway. The alternative is that today’s high was the end of wave 4 and wave 5 has begun.

Combinations are more common in 4th waves than in 2nd waves, so that pattern would come as no surprise.

I shall continue to hold my short bear call options spread positions, in anticipation of a 5th wave decline.

By Tim Bovee, Portland, Oregon, March 31, 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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