SPY
April 26, 2024 15 Minutes.
The expected long was nullified by gap down.
But
SPY
managed to close near 502 levels. Now we have all moving averages consolidated together.
I have Elliott oscillator green, CCI green and stochastics above 75 with no black bar on top.
Now for the rise from 493.86 to 507.37
SPY
retraced more than 61.8%. Also, we have multiple resistance around 506 levels in chart as it can be seen.
For the fall from 515.30 to 493.86 we have 61.8% retracement around 507 levels.
I expect
SPY
to be in the range 507 to 510 on upside today, provided it holds 502 levels. If that happens then we can assume
SPY
managed to hold 100 days in daily and 21 in weekly, there by setting up a buy above 515 levels for next week. I will go long only above 514 - 515 levels.
For the day as moving averages have converged, if
SPY
opened gap up I will wait for first 15 minutes, and if close of bar is near low I will short for 503-504 as targets provided the gap open is around 507 to 510 levels with SL high of bar or 511. The reason is for the fall 524 to 493, 512 is approximately 61.8% of retracement for the fall.
Hence I have a buy only above 514 levels.