SPY
April 30, 2024 15 Minutes
SPY
opened gap up around 510 levels. But the expected retracement happened only near end of day.
It is on sideways between 508-510 levels.
If we consider the rise from 493.86 to 507.37 4SPY retraced to 497.5 levels. This is more than 61.8 retracement for the rise.
Hence 508-510 sideways going on for consolidation.
I have first target as 514 levels once 511 is crossed and close near top of bar.
At the moment uptrend intact in 15 minutes as long as 507 +- 0.5 is held.
I am supported by
SPY
above 50,100 and 200 moving averages. 9,21 and 50 have converged.
Since Elliott oscillator is red and CCI red i expect a small retrace to 506-507 levels before crossing 511.
In the event we have a gap up today above 511 I will wait for retracement to 509- 510 levels and take a position only if close of bar is good when it crosses again 511.