-
SPY
November 1, 2023.
15 Minutes.
Holding the low
SPY
achieved the 418 target as expected. At the moment
SPY
is above all moving averages. Wave 3 is in progress considering the length of the oscillator 5,35 green bars.
However as can be seen it is getting tired.
The price is getting higher but the oscillator is creating a divergence.
Now I expect a retracement to 415-416 levels and then 421-422 levels initially.
We have 200 sloping downwards, the rest moving upwards. So if we can get a convergence today tomorrow could be a good one-sided move.
If you see hourly Fibs and 200 averages daily, 424 becomes important.
So today I have a range between 415-416 to 421-422 levels.
I have not done any trade for the week.