$SPY April 21, 2024AMEX:SPY April 21, 2024
15 Minutes.
As expected the downtrend continues.
Two issues.
It is coming to the lower parallel channel in the move.
And oscillator divergence.
I expect a retrace to 498-500 levels.
As I believe once 492-490 levels broke I will have a target of 495 which is 32% retracement for the larger move 409 to 524.
409 I have taken because for the trend change for this uptrend happened from the 348 low.
And in that move for the rise 348 to 459 AMEX:SPY retraced to 409 levels. From that low it went to 524 levels.
Hence I consider the large move from 409 to 524, 480 as a number to watch.