Update 7/19/2022: I exited my short bull put vertical spread on HAL, 31 days before expiration, for a $0.78 debit per contract/share, a profit before fees of $14 per contract. Shares were trading at $29.94, up $0.96 from the entry level.
The Implied Volatility Rank at exit was 69.1%, down 6.9 points from the entry level.
I exited on the day after entry for 17.9% of maximum potential profit, short of my goal for earnings plays of 25% of max. HAL beat projected earnings, as expected, but only by a little.
Shares rose by 3.3% over one day for a +1,209% annual rate. The options position produced a 21.9% return for a +7,984% annual rate.
I have entered a short bull put vertical spread on HAL, using options that trade for the last time 32 days hence, on August 19. The premium is a $0.78 credit per contract share and the stock at the time of entry was priced at $28.98.
The Implied Volatility Ratio stood at 76.0%.
Premium:
$0.78
Expire OTM
HAL-bull put spread
Strike
Odds
Delta
Puts
Long
25.50
74.0%
21
Break-even
28.78
64.7%
27
Short
28.00
55.4%
33
The premium is 62.4% of the width of the position’s short/long spread. The profit zone covers a 0.7% move to the downside and an unlimited move to the upside.
The risk/reward ratio is 2.2:1, with maximum risk of $172 and maximum reward of $78 per contract.
How I chose the trade. The trade was placed to coincide with HAL’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $1.60 either way, based on options pricing, which gives a price range of $27.38 to $30.58.
By Tim Bovee, Portland, Oregon, July 18, 2022
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.
Half an hour before the closing bell. The S&P 500 has fallen during the session, reaching into the mid-3800s.
I’ve marked the overnight peak, 3909.50, as the end of wave A{-13}, the first leg of the upward correction that began on July 14, wave 4{-12}. Under this principal analysis, downward wave B{-13} is now underway and will have three internal waves.
An alternative is that the decline during the session is an internal wave within wave A{-13}. Given the brevity of the retracement within wave A{-13} shortly after it began, I consider this alternative to be almost as likely as the new principal analysis, above.
I’ve updated the chart.
2:30 p.m. New York time
Earnings plays, one entry and two exits. I’ve entered a short bull put spread on HAL, using options that trade for the last time on August 19 and have posted an analysis of the trade.
I also exited two positions — short bear call spreads that I had entered on Friday. I’ve updated the trade analyses for my options plays on GS and SYF with full results.
9:35 a.m. New York time
What’s happening now? The S&P 500 E-mini futures rose from the upper 3800s into the lower 3900s after trading resumed Friday evening, and then dropped back slightly.
What does it mean? The first leg of the upward correction that began on July 14 continues and may have ended with the overnight high, 3909.50.
What is the alternative? Although the first leg of the correction has met all of its requirements, the price could move higher still.
[S&P 500 E-mini futures at 3:30 p.m., 115-minute bars, with volume]
What does Elliott wave theory say? Wave A{-13}, the first leg of an upward correction, wave 4{-12}, has formed three waves internally, the pattern taken by A waves within Flats, which is the most common form assumed by 4th waves. The B wave — the middle segment — within wave A{-13} appears to be overly short, casting some doubt on the analysis. Nonetheless, I’ve seen such small B waves before, so it’s not a deal-breaker.
The alternative analysis recognizes that although 3909.50 could be the end of wave A{-13}, there’s no rule keeping the price from reversing and going higher.
Wave A{-13} will be followed by a B wave with three internal waves, and then by a C wave with five internal waves. Wave C{-13} will most likely be the final wave within wave 4{-12}. However, it’s possible that the 4th wave will form a compound structure, linking two or three corrective patterns together before reaching an end. If wave 4{-12} is a compound correction, wave C{-13} will be followed by a connector, wave X{-13}, and then the A wave of the next corrective pattern.
When wave 4{-12} is complete, it will be followed by wave 5{-12}, a resumption of the larger wave 5{-11} downtrend that began on June 28, which will likely carry the price into the 3600s and perhaps lower.
Wave 5{-11} is the final wave within wave 3{-10}, which in turn is the middle wave of wave 5{-9}, the final wave within wave 5{-8}, which began on April 21 from 4509. All are downtrending.
We Are Here.
These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.
Learning and other resources. Elliott wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory … The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.
See the menu page Analytical Methods for a rundown on where to go for information on Elliott wave analysis.
By Tim Bovee, Portland, Oregon, July 18, 2022
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.
Update 7/18/2022: I exited my short bear call vertical spread on SYF, 32 days before expiration, for a $1.45 debit per contract/share, a loss before fees of $38 per contract. Shares were trading at $31.99, up $1.10 from the entry level.
The Implied Volatility Rank at exit was 48.2%, down 4.8 points from the entry level.
I exited for 36.9% of maximum potential loss. I had expected a negative earnings surprise based on changes to analyst opinions; the surprise turned out to be positive.
Shares rose by 3.6% over three days for a +433% annual rate. The options position produced a 26.2% loss for a -3,189% annual rate.
I have entered a short bear call vertical spread on SYF, using options that trade for the last time 35 days hence, on August 19. The premium is a $1.07 credit per contract share and the stock at the time of entry was priced at $30.89.
The Implied Volatility Ratio stood at 53.0%.
Premium:
$1.07
Expire OTM
SYF-bear call spread
Odds
Delta
Calls
Long
37.00
92.0%
11
Break-even
33.07
78.0%
27
Short
32.00
64.0%
43
The premium is 42.8% of the width of the position’s short/long spread. The profit zone covers a 7.1% move to the upside and an unlimited move to the downside.
The risk/reward ratio is 3.7:1, with maximum risk of $107 and maximum reward of $393 per contract.
How I chose the trade. The trade was placed to coincide with SYF’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $1.389 either way, based on options pricing, which gives a price range of $29.51 to $32.27.
By Tim Bovee, Portland, Oregon, July 15, 2022
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.
Update 7/18/2022: I exited my short bear call vertical spread on GS, 32 days before expiration, for a $2.58 debit per contract/share, a loss before fees of $80 per contract. Shares were trading at $300.09, up $10.82 from the entry level.
The Implied Volatility Rank at exit was 38.0%, down 17 points from the entry level.
I exited on the day after entry for 80.1% of maximum potential loss. I had expected a negative earnings surprise based on changes in analyst opinion; the surprise, as it turned out, was positive.
Shares rose by 3.7% over three days for a +4.55% annual rate. The options position produced a 31.0% loss for a -3,773% annual rate.
I have entered a short bear call vertical spread on GS, using options that trade for the last time 35 days hence, on August 19. The premium is a $1.78 credit per contract share and the stock at the time of entry was priced at $289.27.
The Implied Volatility Ratio stood at 55.0%.
Premium:
$1.78
Expire OTM
GS-bear call spread
Strike
Odds
Delta
Calls
Long
305.00
74.0%
30
Break-even
301.78
71.0%
33
Short
300.00
68.0%
36
The premium is 71.2% of the width of the position’s short/long spread. The profit zone covers a 4.3% move to the up and an unlimited move to the downside.
The risk/reward ratio is 1.8:1, with maximum risk of $322 and maximum reward of $178 per contract.
How I chose the trade. The trade was placed to coincide with GS’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $12.05 either way, based on options pricing, which gives a price range of $280.84 to $297.71.
By Tim Bovee, Portland, Oregon, July 15, 2022
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.
Half an hour before the closing bell. The S&P 500 rose slightly during the day. The futures remained within the mid-3800s.
Wave 4{-12} is in its first subwave, A {-13}, and the upward A wave can be counted as being in its third and final wave. The middle segment of wave A{-13} seem a bit small for its position within the hierarchy of waves, but such oddities aren’t unheard of.
Wave A{-13} will be followed by a declining wave B{-13}, and then an upward wave C{-13}, which will complete the corrective pattern.
I’ve updated the chart.
2:15 p.m. New York time
One more earnings play exit. I exited my short put vertical spread on STT for a loss. The Zacks metric had predicted a negative earnings surprise. In fact, earnings exceeded analyst expectations. I’ve updated the trade analysis with full results.
1:35 p.m. New York time
Earnings plays: One exit, two entries. I’ve exited my short bull put vertical spread on C a day after entry for 53.9% of maximum potential profit and have updated the trade analysis with full results.
I’ve entered two bear call vertical spreads today, both using options that expire on August 19. I’ve posted a trade analysis on each: GS and SYF.
9:35 a.m. New York time
What’s happening now? The S&P 500 E-mini futures continued to rise overnight following yesterday’s low, 3723.75, reaching into the mid-3800s.
What does it mean? The low marked the end of the first leg of the downtrend that began on July 8 and the beginning of an upward correction that is in its early stage.
What are the alternatives? I have none at this point, as is common early in a trend.
[S&P 500 E-mini futures at 3:30 p.m., 105-minute bars, with volume]
What does Elliott wave theory say? Under the principal analysis, the rise from yesterday’s low is wave 4{-12}, an upward correction within downtrending wave 5{-11}, which began on June 28. Fourth waves often take the form of a Flat with three internal waves. The A and B waves have three internal waves, and the C wave has five waves internally.
Wave 5{-11} parent, downtrending wave 3{-10}, began on June 2, and the 3rd wave’s parent, downtrending wave 5{-9}, began on May 30. The next wave higher is downtrending wave 5{-8}, and the still higher degrees are listed in the “We Are Here” section, below.
We Are Here.
These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.
Learning and other resources. Elliott wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory … The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.
See the menu page Analytical Methods for a rundown on where to go for information on Elliott wave analysis.
By Tim Bovee, Portland, Oregon, July 15, 2022
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.
Update 7/15/2022: I exited my short bear call vertical spread on STT, 35 days before expiration, for a $3.08 debit per contract/share, a loss before fees of $189 per contract. Shares were trading at $63.33, up $4.25 from the entry level.
The Implied Volatility Rank at exit was 68.8%, down 30.4 points from the entry level.
I exited on the day after entry after the stock moved opposite my trade after earnings were published. I exited at 80.8% of maximum loss.
Shares rose by 7.2% over one day for a +2626% annual rate. The options position produced a 61.4% loss for a -22,398% annual rate.
I have entered a short bear call vertical spread on STT, using options that trade for the last time 36 days hence, on August 19. The premium is a $1.19 credit per contract share and the stock at the time of entry was priced at $59.08.
The Implied Volatility Ratio stood at 99.2%.
Premium:
$1.19
Expire OTM
STT-bear call spread
Strike
Odds
Delta
Calls
Long
62.50
87.0%
65
Break-even
68.69
78.5%
50.5
Short
67.50
70.0%
36
The premium is 47.6% of the width of the position’s short/long spread. The profit zone covers a 16.3% move to the downside and an unlimited move to the upside.
The risk/reward ratio is 3.2:1, with maximum risk of $238 and maximum reward of $119 per contract.
How I chose the trade. The trade was placed to coincide with STT’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $2.42 either way, based on options pricing, which gives a price range of $56.66 to $61.50.
By Tim Bovee, Portland, Oregon, July 14, 2022
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.
Update 7/15/2022: I exited my short bull put vertical spread on C, 35 days before expiration, for a $0.59 debit per contract/share, a profit before fees of $69 per contract. Shares were trading at $46.92, up $3.36 from the entry level.
The Implied Volatility Rank at exit was 55.2%, down 17.2 points from the entry level.
I exited on the day after entry at 53.9% of maximum potential profit, well above my normal exit point for earnings plays, 25% of max.
Shares rose by 7.7% over one day for a +2,815% annual rate. The options position produced a 116.9% return for a +42,686% annual rate.
I have entered a short bull put vertical spread on C, using options that trade for the last time 36 days hence, on August 19. The premium is a $1.28 credit per contract share and the stock at the time of entry was priced at $43.56.
The Implied Volatility Ratio stood at 72.4%.
Premium:
$1.28
Expire OTM
C-bull put spread
Strike
Odds
Delta
Puts
Long
37.50
81.0%
15
Break-even
43.53
67.5%
27
Short
42.25
54.0%
39
The premium is 53.9% of the width of the position’s short/long spread. The profit zone covers a 0.1% move to the downside and an unlimited move to the upside.
The risk/reward ratio is 2.7:1, with maximum risk of $347 and maximum reward of $127 per contract.
How I chose the trade. The trade was placed to coincide with C’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $1.57 either way, based on options pricing, which gives a price range of $41.99 to $45.13.
By Tim Bovee, Portland, Oregon, July 14, 2022
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.
Half an hour before the closing bell. The S&P 500 futures rose during the session from the overnight low of 3723.75, which is 17.50 points below the June 30 low. The price then worked its way higher into the upper 3700s.
The present downtrend is wave 3{-12}, and the June 30 low was the end of wave 1{-12}. The lower low set overnight confirms the principal analysis: The downtrend that began on June 28, wave 5{-11}, has resumed.
No change in this morning’s analysis. I’ve updated the upper, near-term chart.
10:45 a.m. New York time
Earnings play: One exit, two entries. As the new earnings season kicks off, there are again more trading possibilities. Three trades today, all using options that complete their run on August 19.
I exited my position on MS, a day after entry, for 24.6% of maximum potential profit and have updated the analysis with results.
I entered a bull put vertical spread position on C and posted an analysis of the trade.
For the other new position, I entered a bear call vertical spread on STT, also posting an analysis of the trade.
9:35 a.m. New York time
What’s happening now? The S&P 500 E-mini futures fell in overnight trading, reaching into the mid-3700s.
What does it mean? The decline has gone sufficiently deep to suggest the need for a re-analysis of the chart. Under the new analysis (the former alternative #1), the upward correction ended at the July 8 peak and the downtrend that began on June 28 has resumed. It will carry the price further down by a significant amount.
What is the alternative? The price has not yet moved below the starting point of the upward correction that began on June 30. A move below that point, 3741.25, would confirm that the downtrend has resumed. And so the alternative is the former principal analysis: The decline from the July 8 peak is the next-to-the-last segment of final leg of an upward correction that began on June 30 from 3741.25.
The Charts. The upper chart is a shorter-term view of the S&P 500 futures, running from late May. The lower chart is a longer-term view of the S&P 500 index, running from late late December 2018, the starting point of an expanding Diagonal Triangle that is still underway.
[S&P 500 E-mini futures at 3:30 p.m., 105-minute bars, with volume]
[S&P 500 index at 9:34 a.m., 2-day bars]
What does Elliott wave theory say? The decline from July 8 is wave 3{-12}. Third waves tend to show a lot of energy and are almost the longest portion of a price trend. The preceding 1st wave was 208.75 points in length. A decline equal to that length would carry the price down to the lower 3700s; double the length, to mid 3400s; and triple the length, to the upper 3300s. None of those scenarios are unexpected, since 3rd waves have no limits under the rules of Elliott wave analysis.
Big picture: Wave 3{-12} is a subwave of wave 5{-11}, which began on June 28 from 3950, which in turn is a subwave of wave 3{-10}, which began on June 2 from 4189, and the larger wave 5{-9}, which began on May 30, from 4202.25. At this point the increasingly larger degrees pick up with wave 5{-8}, which began on April 21 from 4509, and the other parent waves listed in the “We Are Here” section below, which stretches back to wave 5{+3}, which began in 1932 and is still underway.
We Are Here.
These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.
Learning and other resources. Elliott wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory … The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.
See the menu page Analytical Methods for a rundown on where to go for information on Elliott wave analysis.
By Tim Bovee, Portland, Oregon, July 14, 2022
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.
Update 7/14/2022: I exited my short bear call vertical spread on MS, 36 days before expiration, for a $1.04 debit per contract/share, a profit before fees of $34 per contract. Shares were trading at $73.10, down $1.65 from the entry level.
The Implied Volatility Rank at exit was 70.1%, up 33 points from the entry level.
I exited on the day after entry because the position reached 25% of maximum potential profit, my normal exit point for earnings plays.
Shares fell by 2.2% over one day for a -806% annual rate. The options position produced a 32.7% return for a +11,933% annual rate.
I have entered a short bear call vertical spread on MS, using options that trade for the last time 37 days hence, on August 19. The premium is a $1.38 credit per contract share and the stock at the time of entry was priced at $74.75.
The Implied Volatility Ratio stood at 37.1%.
Premium:
$1.38
Expire OTM
MS-bear call spread
Strike
Odds
Delta
Calls
Long
82.50
84.0%
20
Break-even
78.88
75.0%
29.5
Short
77.50
66.0%
39
The premium is 55.2% of the width of the position’s short/long spread. The profit zone covers a 5.5% move to the upside and an unlimited move to the downside.
The risk/reward ratio is 2.6:1, with maximum risk of $362 and maximum reward of $138 per contract.
How I chose the trade. The trade was placed to coincide with MS’s earnings announcement, before the opening bell on the day after entry. The short strikes were set to coincide with the expected move of $3.15 either way, based on options pricing, which gives a price range of $71.60 to $77.90.
By Tim Bovee, Portland, Oregon, July 13, 2022
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.
Half an hour before the closing bell. The S&P 500 futures spent most of the trading session in the lower 3800s, staying above the 3752 low reached overnight.
Elliott wave analysis shows that wave C{-14}, the final subwave within an upward correction, wave 2{-13}, is still underway.
No change in this morning’s analysis. I’ve updated the chart.
9:55 a.m. New York time
MS earnings play entry. I’ve entered a short bear call vertical spread on MS using options at trade for the last time on August 19 and have posted an analysis of the trade.
9:35 a.m. New York time
What’s happening now? The S&P 500 E-mini futures swung wildly as U.S. inflation numbers were released, rising to 3873 and falling to 3838.75 within the span of a minute. The price change slowed thereafter but continued to fall, reaching 3752 before rising back into the upper 3700s before the opening bell.
What does it mean? The pre-dawn swing is consistent with the declining, somewhat ambiguous five-wave pattern that has developed since the July 8 peak. Under my principal analysis, the decline from that peak is the next-to-the-last segment of final leg of an upward correction that began on June 30 from 3741.25.
What are the alternatives? There are two:
Alternative #1: The upward correction ended at the July 8 peak and the downtrend that began on June 28 resumed. A decline below 3741.25 would verify this alternative.
Alternative #2: The correction is forming a compound structure, linking two or three corrective patterns together. The July 8 peak was the end of the first corrective pattern, and the subsequent decline is connecting wave that will be followed by a second corrective pattern. For this scenario to be valid, the decline from July 8 must be counted as three subwaves, which is possible at this point, although not my preferred count.
[S&P 500 E-mini futures at 3:30 p.m., 105-minute bars, with volume]
What does Elliott wave theory say? Under the principal analysis, wave 4{-15} is underway, a three wave correction that will be followed by wave 5{-15}, a push to the upside that likely will exceed the July 8 high of 3922. The end of wave 5{-15} will also end its parent, wave C{-14}, which in turn will end the larger upward correction, wave 2{-13}.
Under Alternative #1, wave 2{-13} ended at the July 8 high, and wave 3{-13} is underway and will carry the price below 3741.25, the end point of the preceding 1st wave.
Under Alternative #2, the first corrective pattern within wave 2{-13} ended at the July 8 high, and the ensuing decline is wave X{-14}, a connector wave that will be followed by a second corrective pattern in a compound correction.
This is all happening within downtrending wave 1{-12} within wave 5{-11}, which began on June 28. The parent wave is wave 3{-10}, which began on June 2, within wave 5{-9}, which began on May 30 from 4202.25.
We Are Here.
These are the waves currently in progress under my principal analysis. Each line on the list shows the wave number, with the subscript in curly brackets, the traditional degree name, the starting date, the starting price of the S&P 500 E-mini futures, and the direction of the wave.
Learning and other resources. Elliott wave analysis provides context, not prophecy. As the 20th century semanticist Alfred Korzybski put it in his book Science and Sanity (1933), “The map is not the territory … The only usefulness of a map depends on similarity of structure between the empirical world and the map.” And I would add, in the ever-changing markets, we can judge that similarity of structure only after the fact.
See the menu page Analytical Methods for a rundown on where to go for information on Elliott wave analysis.
By Tim Bovee, Portland, Oregon, July 13, 2022
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.
Tim Bovee, Private Trader 
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