SPY
August 5, 2023 AI expected
SPY
went towards 445 levels being top of gap 12th July. It also s 50% retracement value for the rise 431.19 to 459.4. We can assume this to be wave 5 too.
While hitting 452.89 as top of wave 4 in this move the oscillator 5,35 made a retracement of more than 140% from wave 3 low. Hence i expect a small bounce and sideways for few bars on Monday.
If we take the last fall 452.89 to 446.27, we have a small oscillator divergence when compared at the lows 447.38 and 446.27.
The trend is down, the retracement if any will give us a chance to short at 450 levels being 61.8% of the move.
We have gap in the region 443-445 which needs to be filled in the next fall. That will open us a $440 as target which is also 50-day average in daily.
The swift move which happened from 431 to 459 has 442 as the 61.8 retracement for that move.
So next week we have few interesting numbers between 439-445 as potential target in this down move.