3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures whipsawed throughout the session, staying between the 7670s and a few points above 7700. That remains within the range that has bound the futures for the past five trading sessions, roughly the 7650s to the 7710s.

Elliott Wave Theory. As might be expected during a period of constrained price movement, the analysis has also gone nowhere. Falling wave A{-6} remains underway within falling wave E{-5}.

Decision Points. A sustained break below the five-session low at 7655 would provide fresh evidence that wave A{-6} is extending downward. A sustained move above the 7710s would break the recent range to the upside and could signal a countertrend rise within A{-6}, but would not by itself alter the larger bearish count.

Close-up Chart. A chart showing the narrow band traced by the S&P 500 futures during the five session’s ending with today’s.

[S&P 500 E-mini futures 3:30 p.m., 10-minute bars with volume]

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fell to an overnight low of 7670.75, then returned to the 7680s and 7690s and traded sideways until the economic reports were released at 8:30 a.m. ET. The price then whipsawed, rising to 7698.50 before falling to 7676.50.

What does it mean? Despite the drama, Elliott Wave Theory sees no change in the analysis. Falling wave A{-6} continues. It is the first subwave of falling wave E{-5}, which in turn is the final subwave of wave 4{-4}, a downward correction that began on October 29, 2025, and has taken the form of an expanding triangle.

Decision Points. A break below Tuesday’s 7663.25 low would provide fresh confirmation that wave A{-6} is continuing lower. A sustained rise above the recent trading range would suggest that an upward correction within A{-6} is underway, but would not by itself alter the larger bearish count. The 7838.50 high of August 13 remains the key structural level for the present wave analysis.

The Chart. The chart focuses on the current declining wave E{-5} and the rising wave that preceded it, wave D{-5}.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 26, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. From the overnight peak of 7714, the S&P 500 futures fell to 7663.25 during the session, and then rose back into the 7690s.

Elliott Wave Theory. The analysis is unchanged from this morning. Wave A{-6} and its parent, wave E{-5}, are underway, both of them falling waves.

Decision Points. A decline below 7663.25 would strengthen the case that wave A{-6} is continuing downward. A rise above 7714 would suggest that the present upward correction has further to run, without by itself changing the larger bearish count.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures rose overnight, reaching a high of 7714, and then took back part of the gain, falling into the 7690s as the opening bell sounded.

What does it mean? Elliott Wave Theory, when applied, sees the rise as a small counter-trend movement within falling wave A{-6}, which in turn is a subwave of falling wave E{-5}. The structure is encompassed by wave 4{-4}, a downward correction that has taken the form of an expanding triangle. Wave 4{-4} began on October 29, 2025.

Decision Points. A renewed decline below Monday’s low in the 7650s would strengthen the case that wave A{-6} is continuing downward. A rise above the overnight high of 7714 would extend the counter-trend movement but would not by itself alter the larger bearish count. A move above 7838.50, the August 13 peak, would invalidate the present placement of the start of wave E{-5}.

The Chart. The chart focuses on the current declining wave E{-5} and the rising wave that preceded it, wave D{-5}.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 25, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures stayed largely in the 7670s and 7680s during the session, after reaching a low of 7655.

Elliott Wave Theory. Unchanged from this morning. Declining waves E{-5} and A{-6} continue.

Decision Points. The session low of 7655 extends wave A{-6} slightly lower but does not otherwise change the analysis. There is no evidence yet that wave A{-6} has ended or that an upward wave B{-6} has begun.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures continued to fall after trading resumed, declining from 7703.25 early overnight to 7664.50 before rebounding into the upper 7670s as the opening bell drew near.

What does it mean? Elliott Wave Theory analysis continues to see declining wave E{-5} and its initial subwave A{-6} as being underway. Wave E{-5}, which began on August 13, is the final subwave of wave 4{-4}, a downward correction that began on October 29, 2025.

Wave 4{-4} is in the form of an expanding triangle, where each rising subwave ends higher than the one before, and each falling subwave ends lower than the one before.

The prior falling subwave, wave C{-5}, reached completion at 6353.25. Wave E{-5} can be expected to reach that level and perhaps lower before reaching its end.

Decision Points. The overnight decline to 7664.50 adds further evidence that wave A{-6} is continuing. The rebound from that low is, so far, too small to suggest that A{-6} has ended. Eventually, however, A{-6} will give way to an upward B{-6} correction, so countertrend rallies should be expected without being mistaken automatically for the end of E{-5}. A move above the August 13 high of 7838.50 would contradict the present count and require a reassessment.

The Chart. The chart focuses on the current declining wave E{-5} and the rising wave that preceded it, wave D{-5}.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 24, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p,m. New York timw.

Half an hour before the closing bell. The S&P 500 futures began to fall late overnight and continued the decline into the session, reaching a session low of 7676.75 in a series of stair-step drops.

Elliott Wave Theory. The wave A{-6} decline, the first subwave within falling wave E{-5}, has so far covered little ground. It remains well above the upper boundary of the expanding triangle that is wave 4{-4}.

Decision Points. A move below the overnight low of 7661.25 would strengthen the case that wave A{-6} remains underway. Continued declines would add weight to the larger count that falling wave E{-5} is developing. A sustained rise that breaks the sequence of lower highs and lower lows would raise the possibility that wave A{-6} has ended and a countertrend wave B{-6} has begun, but the small rise late in today’s session does not yet provide that evidence.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures rose overnight, from an early low of 7661.25 to a high slightly above 7700, and then began to fall.

What does it mean? Elliott Wave Theory analysis continues to conclude that wave E{-5} is underway, the falling final subwave of wave 4{-4}, a downward correction that began on October 29, 2025.

The Chart. Today’s chart focuses on wave 4{-4}, a downward correction that has been underway since October 29, 2025 and that has taken the form of an expanding triangle. Now underway: Falling wave E{-5} and its initial subwave, wave A{-6}.

The chart below shows wave 4{-4} and its form, an expanding triangle, one of the less common structures the markets can create. In an expanding triangle, each rising wave moves higher than the previous rising wave, and each falling wave lower than the previous falling wave. Unlike most patterns in Elliott Wave Theory, which have a clear directionality composed of rising and falling subwaves, this triangle usually moves net sideways.

Except when it doesn’t. The blue lines on the chart show the boundaries of the expanding triangle, and sometimes a subwave within the triangle moves beyond a boundary. That’s what happened to the most recent rising subwave, D{-5}. Or, sometimes, a subwave fails to reach the boundary.

Wave E{-5}, if it ends at the lower boundary, will see the price reach below 6100, assuming it takes several months to get there. The two boundary lines move further away from each other every moment of trading. However, wave E{-5} could travel further, or it could end at a higher price.

There’s no way to predict it, but we’ll know it when we see it.

Decision Points. A decline below the overnight low of 7661.25 would strengthen the case that falling wave A{-6} is continuing. A move below 7324, the July 29 low, would provide much stronger confirmation that wave E{-5} is developing. A rise above the August 13 peak of 7838.50 would invalidate the present count that wave E{-5} began there and would mean that rising wave D{-5} remains underway.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methods for a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 21, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures rose early in the session, remaining well below the overnight high, and then resumed the decline, reaching into the 7660s as the session progressed.

Elliott Wave Theory. The lower the price goes, the greater the clarity that falling wave E{-5} and its initial subwave A{-6} are underway.

Decision Points. A move below today’s low, presently 7669.25, would extend wave A{-6} and further strengthen the analysis. A rebound would be consistent with normal fluctuations within the developing decline and would not by itself alter the count. A move above the August 13 peak of 7838.50 would invalidate the present labeling of that peak as the end of waves C{-6} and D{-5} and require a reassessment.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures continued to fall overnight, from 7746.50 shortly after yesterday’s session close to 7680.25 as today’s opening bell approached.

What does it mean? Elliott Wave Theory: Wave A{-6} within declining wave E{-5} continues. Both are contained within wave 4{-4}, a downward correction that began on October 29, 2025, and that has taken the form of an expanding triangle. Wave E{-5} is the final subwave within the triangle.

The two lines at the top and bottom show the targets of waves within the triangle. Sometimes the price will hit the target, sometimes fall short, and sometimes break beyond it. The target of wave E{-5} is presently around the 6160s. Because this is an expanding triangle, the lower boundary moves lower and the upper boundary moves higher as trading proceeds.

Decision Points. A move below 7680.25 would extend wave A{-6} and strengthen the case that wave E{-5} is underway. A rise from current levels would not by itself alter the analysis; wave A{-6} can contain counter-trend moves as it develops. A move above the August 13 peak of 7838.50 would invalidate the present labeling of that peak as the end of waves C{-6} and D{-5} and require a reassessment.

The Chart. Today’s chart focuses on rising wave D{-5}, now ended, and falling wave E{-5}, borh parts of wave 4{-4}, a downward correction that has been underway since October 29, 2025.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 20, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures continued to rise during the session, reaching 7764.75, and then fell back into the 7720s before recovering into the 7730s.

Elliott Wave Theory. Falling waves E{-5} and A{-6} continue.

Decision Points. A move below 7698.25 would extend falling wave A{-6} and, with it, falling wave E{-5}. A rise above 7838.50, the August 13 peak where wave E{-5} began, would invalidate the present E{-5}/A{-6} analysis and require reconsideration of the labeling of the rise into that peak. Movement between those two levels would leave the present analysis unchanged.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fell overnight to 7698.25, and then began to rise, gently at first but later entering a rapid climb into the 7750s.

What does it mean? The Elliott Wave Theory analysis remains unchanged from yesterday. Falling wave E{-5} continues and is in its first subwave, falling wave A{-6}.

Wave E{-5} began on August 13 from 7838.50. This morning’s rapid rise hasn’t moved high enough to bring that analysis into question.

Decision Points. A move below 7698.25 would extend falling wave A{-6} and, with it, falling wave E{-5}. No further confirmation is required for the present analysis.

A rise above 7838.50, the August 13 peak where wave E{-5} began, would invalidate the present E{-5}/A{-6} analysis. Such a move would require reconsideration of the labeling of the rise into the August 13 peak and of the conclusion that wave D{-5} ended there.

Movement between those two levels would leave the present analysis unchanged.

The Chart. Today’s chart focuses on rising wave D{-5}, now ended, and falling wave E{-5}, borh parts of wave 4{-4}, a downward correction that has been underway since October 29, 2025.

[S&P 500 E-mini futures 3:30 p.m., 2-hour bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 19, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures slowed the pace of their fall reaching a low of 7713.25 and then returning to the 7720s.

Elliott Wave Theory. Falling wave E{-5} continues. How low will it go?

Wave E{-5} is the final subwave within wave 4{-4}, a downward correction that began on October 29, 2025. Wave 4{-4} has taken the form of an expanding triangle. In the chart below I’ve taken a broader view of the waves in order to show both the presumed upper boundary and lower boundary.

Wave E{-5} is working through its initial subwave, falling wave A{-6}.

In theory, wave E{-5} should fall to the lower boundary, currently in the 6180s and moving lower every moment of every day. The boundaries were formed by connecting earlier highs and lows. Sometimes a wave will move beyond a boundary, as happened with wave D{-5}, the one that ended on August 13, when wave E{-5} began. On other occasions, a wave will fall short of the boundary.

If wave E{-5} follows the most common pattern, it will end in the vicinity of the lower boundary. It took a month for wave D{-5} to reach the upper boundary, and months to complete when it moved past the boundary, and it may well take a month for wave E{-5} to reach the lower boundary and months thereafter to reach completion.

As is so often the case in Elliott Wave Theory, there are few guarantees, only probabilities.

Decision Points. Falling wave E{-5} and its first subwave, A{-6}, remain underway. A move above 7838.50, the August 13 beginning point of E{-5}, would invalidate the present labeling and require a reassessment. On the downside, 6353.25, the March 30 end of wave C{-5}, is the first major structural marker. A decline below that level would fulfill the expectation that wave E{-5} extend beyond the preceding declining wave of the expanding triangle. The projected lower boundary, presently in the 6180s, provides a further target area but is a guideline rather than a requirement.

9:35 a.m. New York time

What’s happening now? The S&P 500 E-mini futures fell overnight, reaching into the 7710s as the opening bell approached

What does it mean? The price, labelled as rising wave E{-7}, fell below 7724.25, the point where that wave began on August 6. That breaks an iron-clad rule of Elliott Wave Theory: A wave cannot move beyond its own starting point and remain the same wave. The chart therefore requires a reassessment.

Wave E{-7} was labelled as the fifth and final subwave of rising wave C{-6}. Wave C{-6}, in turn, was the third and final subwave of rising wave D{-5}, the next-to-the-last subwave within wave 4{-4}, a downward correction that has taken the form of an expanding triangle.

The analysis no longer matches the chart. The map no longer matches the lay of the land. When that happens, it is the map that must change.

The chart below has the revised labeling. (For the old labeling, see yesterday’s analysis.)

On the new map, wave E{-7} ended on August 13 at 7838.50. That also brought waves C{-6} and D{-5} to an end.

Falling wave E{-5} has begun and is working through its first subwave, wave A{-6}.

Wave E{-5} is the final subwave of the expanding triangle, wave 4{-4}. Under the expanding-triangle structure, it can be expected to move below the ending point of wave C{-5}, 6353.25 on March 30, and perhaps significantly lower.

When wave E{-5} is complete, the expanding triangle, wave 4{-4}, will also be complete. Rising wave 5{-4} will then begin and would normally be expected to carry the price to new highs.

Decision Points. The break below 7724.25 invalidated the previous labeling and places falling wave E{-5} underway. The analysis remains valid while the price stays below 7838.50, the August 13 beginning point of E{-5}. A move above 7838.50 would invalidate the new labeling and require another reassessment. On the downside, a move below 6353.25 would satisfy the expanding triangle’s expectation that wave E{-5} travel beyond the end of the preceding declining wave, C{-5}.

The Chart. Today’s chart focuses on rising wave D{-5}, now ended, and falling wave E{-5}, borh parts of wave 4{-4}, a downward correction that has been underway since October 29, 2025.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• E{-5} Micro, 8/13/2026, 7838.50 (down)
• A{-6} Submicro, 8/13/2026, 7838.50 (down)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 18, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures began to fall overnight and, as the session proceeded, have reached the 7770s.

Elliott Wave Theory. Wave C{-6} has reached a point of ambiguity. Its final wave, E{-7}, either ended on August 13 at 7838.50, bringing wave C{-6} and its parent wave D{-5} to a close and beginning wave E{-5}, the final subwave of wave 4{-4}, a downward correction that began in October of last year and has taken the form of an expanding triangle. Or E{-7} remains underway and will eventually move above 7838.50, carrying C{-6} and D{-5} higher with it.

It will turn out to be one or the other, and there is no certainty as to which it will be.

Decision Points. A rise above 7838.50 would demonstrate that E{-7}, C{-6} and D{-5} remain underway. Continued movement below that level keeps alive the possibility that all three waves ended on August 13. A decline below 7724.25, the August 6 beginning of E{-7}, would provide much stronger evidence that they have ended and that falling wave E{-5} is underway.9:35 a..m. New York time

What’s happening now? The S&P 500 E-mini futures rose gently after trading resumed overnight, until 6:25 a.m., when the price whipsawed, reaching 7824.50 and then beginning to fall, reaching below 7800..

What does it mean? Elliott Wave Theory leaves Friday’s analysis unchanged. Rising wave C{-6}, and with it parent wave D{-5}, may have ended at the August 13 high of 7838.50. If not, both waves are nearing their ends. C{-6} is the final wave within D{-5}, which began on March 30 and is the next-to-last subwave within wave 4{-4}, a downward correction that began on October 29, 2025.

Wave 4{-4} has taken the form of an expanding triangle, wherein each high exceeds the prior high and each low falls below the prior low.

Decision Points. A rise above 7838.50 would show that C{-6} and D{-5} remain underway and would place the August 13 peak in the rear-view mirror as merely another waypoint. Continued trading below 7838.50 keeps open the possibility that both waves ended there. A decline below 7724.25, the August 6 starting point of rising E{-7}, would provide much stronger evidence that E{-7}, C{-6} and D{-5} are complete and that falling E{-5} has begun.

The Chart. Today’s chart focuses on wave C{-6}, a subwave of rising wave D{-5}, which is part of wave 4{-4}, a downward correction that has been underway since October 29, 2025.

[S&P 500 E-mini futures 3:30 p.m., 2-hour bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 6353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)
• E{-7} Miniscule, 8/6/2026, 7724.25 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 17, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. New York time

Half an hour before the closing bell. The S&P 500 futures remained below Thursday’s peak, 7838.50, throughout the session, dropping into the 7790s as the closing bell approached.

Elliott Wave Theory. Friday’s sustained decline strengthens the possibility that wave C{-6} and its parent, wave D{-5}, ended on August 13, and that falling wave E{-5} has begun.

That wave D{-5} reached a higher peak is a fact. Whether it will go higher, or whether it has ended and wave E{-5} is underway, has not been confirmed.

Decision Points. A move above Thursday’s 7838.50 peak would show that wave D{-5} remains underway and that its August 13 peak was not the end. Continued movement lower would strengthen the case that the peak ended waves E{-7}, C{-6} and D{-5}. A decline below the low of wave D{-7}, the starting point of the final E{-7} rise, would provide much stronger evidence that falling wave E{-5} has begun.

9:35 a..m. New York time

What’s happening now? The S&P 500 E-mini futures remained below Thursday’s peak, 7838.50, reaching an overnight high of 7831.75 as the opening bell approached after falling as low as 7820. At the opening bell, the price dropped sharply into the 7810s.

What does it mean? Elliott Wave Theory interprets the chart as showing that rising wave C{-6} and its parent, rising wave D{-5}, are both underway. A push beyond Thursday’s peak would verify that interpretation. As long as the price remains below that peak, the possibility remains that Thursday’s peak marked the end of wave C{-6} and wave D{-5}.

The subwaves within the wave C{-6} rise, which began on July 29 from 7324, suggest that rising wave E{-7}, the fifth and final subwave of wave C{-6}, is underway.

When wave E{-7} reaches its end, so will wave C{-6} and wave D{-5}. A potentially months-long downward movement, wave E{-5}, will begin and is likely to fall below the beginning of wave D{-5}, 6353.25 on March 30. It could pull up short, or it could travel a significant distance below that level.

Decision Points. A move above Thursday’s 7838.50 peak would verify that rising wave E{-7}, and therefore waves C{-6} and D{-5}, remain underway. Remaining below 7838.50 would leave Thursday’s peak as a possible endpoint but would not, by itself, establish that the rise has ended. A decline below the low of wave D{-7}, the starting point of the present E{-7} rise, would provide much stronger evidence that 7838.50 ended waves E{-7}, C{-6} and D{-5}, and that falling wave E{-5} has begun.

The Chart. Today’s chart focuses on the entire of the recent movements of wave D{-5} and it’s final subwave, wave C{-6}, both part of wave 4{-4}, a downward correction that has been underway since October 29, 2025.

[S&P 500 E-mini futures 3:30 p.m., 2-hour bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 6353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 14, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com

3:30 p.m. NewYork time

Half an hour before the closing bell. The S&P 500 rose to a new peak today, 7838.50, eclipsing the prior peak set on August 5, 7820.25.

Elliott Wave Theory. The new peak, according to Elliott Wave Theory analysis, verifies that wave C{-6} and its parent wave D{-5} are both underway. Both are rising waves within wave 4{-4}, a downward correction.

Wave 4{-4}, which began on October 29, 2025, has taken the form of an expanding triangle, a somewhat uncommon form. It will at its completion have five subwaves. Today’s new high confirms that the final wave — declining wave E{-5} — lies in the future.

It is the nature of expanding triangles that each rising wave moves higher than the prior rising wave, and each falling wave moves lower than its predecessor. The blue lines on the chart connects the earlier waves to form upper and lower boundaries. As in life, Elliott Wave Theory boundaries are sometimes not honored, and such is the case with wave D{-5}, which broke above the boundary in April.

Likewise, waves sometimes come to an end before reaching the boundary. There’s no way to tell if the future wave E{-5} willl turn out to be a truncated wave.

Decision Points. A rise above today’s high, 7838.50, would show that wave C{-6} and wave D{-5} are continuing to extend. Today’s high is now the earliest possible candidate for the end of both waves and the beginning of falling wave E{-5}, but the chart has not yet produced a meaningful downside price level that would confirm such a turn.

9:35 a..m. New York time

What’s happening now? The S&P 500 E-mini futures rose gently overnight, whipsawing briefly when the Producer Price Index was published an hour before the opening bell. The futures reached an overnight high of 7794, and then as the session began, dropped sharply to the 7780s.

What does it mean? The whipsaw was clearly the work of algorithms and ended essentially where it had begun, leaving Elliott Wave Theory’s analysis unchanged. Rising wave C{-6} is underway within rising wave D{-5}, both within wave 4{-4}, a downward correction that began on October 29, 2025 and that has taken the form of an expanding triangle.

That interpretation has not been verified. It remains possible that wave C{-6} ended on August 5, bringing wave D{-5} to an end and beginning falling wave E{-5}, the final subwave within wave 4{-4}.

Decision Points. A rise above the August 5 high, 7820.25, would eliminate the possibility that wave D{-5} ended there and would confirm that rising wave C{-6} remains underway. A decline below the post-August 5 low, 7738.75, would strengthen the alternative analysis that wave D{-5} has ended and falling wave E{-5} has begun, but would not by itself confirm that count.

The Chart. Today’s afternoon chart focuses on the entire of wave 4{-4}, a downward correction that has been underway since October of last year.

[S&P 500 E-mini futures 3:30 p.m., 1-day bars with volume]

Waves Now Underway

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.

• S&P 500 Index:
• 5{+3} Supercycle, 7/8/1932, 4.40 (up)
• 5{+2} Cycle, 12/9/1974, 60.96 (up)
• 5{+1} Primary, 3/6/2009, 666.79 (up)
• 5{0} Intermediate, 2/11/2016, 1810.10 (up)
• 3{-1} Minor, 3/23/2020, 2191.36 (up)
• 1{-2} Minute, 7/31/2025, 6468.50 (down)
• S&P 500 E-mini futures
• 5{-3} Minuette 8/1/2025, 6239.50 (up)
• 4{-4} Subminuette 10/29/2025, 6953.75 (down)
• D{-5} Micro, 3/30/2026, 6353.25 (up)
• C{-6} Submicro, 7/29/2026, 7324 (up)

Reading the chart. Price movements — waves – – in Elliott Wave Theory analysis are labeled with numbers within trending waves and letters with corrective waves. The subscripts — numbers in curly brackets — designate the wave’s degree, which, in Elliott Wave analysis, means the relative position of a wave within the larger and smaller structures that make up the chart.R.N. Elliott, who in the 1930s developed the form of analysis that bears his name, viewed the chart as a complex structure of smaller waves nested within larger waves, which in turn are nested within still larger waves. In mathematics it’s called a fractal structure, where at every scale the pattern is similar to the others.

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 pageAnalytical Methodsfor a rundown on where to go for information on Elliott Wave analysis.

By Tim Bovee, Portland, Oregon, August 13, 2026

Disclaimer

Tim Bovee, Private Trader tracks the analysis and trades of a private trader managing his own accounts. The content reflects my interpretation of market structure, including Elliott Wave Theory and related tools.

Nothing in this blog constitutes a recommendation to buy or sell stocks, options, or any other financial instrument, or to pursue any particular strategy. The purpose of this blog is education and entertainment.

No trader is ever 100 percent successful. Trading in stock and options markets involves risk and uncertainty. Each trader must make decisions for his or her own account and accept full responsibility for the outcomes.

Charts and tools are used to support my personal analysis. Any data displayed is illustrative of that analytical process and is not presented as a source of market data for redistribution.

All content on Tim Bovee, Private Trader byTimothy K. Boveeis licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

License

Based on work atwww.timbovee.com