SPY
May 10, 2024 15 Minutes.
Holding 516, (yesterday low was 516.70) 520 target was achieved.
At the moment i have 2 issues.
Positive is uptrend, above all moving averages, Stochastic black bar on top, did not become red on any pullbacks, Elloitt oscillator green and CCI green.
Negative is Elliott oscillator divergence (price making higher but not oscillator) and too far away from 200 moving averages.
My plan is:
Consider the last rise 518.34 to 520.2, holding 519 I have a target 523 - 524.
And if 518 is broken on downside I will short for a target 517 - 515 which is 38.2 retracement for the rise 508.56 to 520.2 and also 23.6% retracement for the rise 499.55 to 520.2 and 517 is 100 averages. 518 is important as breaking will nullify the HL HH pattern being formed now.
That retrace should allow the 200 averages to catch up at 514-515 levels allowing us to go long for the next uptrend above 524.
Since I trade on moving averages my bias is on reversal to 515-517 levels.