SPY
December 6, 2023 15 Minutes.
As expected
SPY
was in the range 454-457-458. The gap down yesterday allowed going long around 455.5 for a target of 457-457.5.
I will consider today's few fibs.
In 60 minutes I will take the rise from 446.09 to 459.64.
So far
SPY
has retraced around 456.5 levels being 23.6% retracement. So it is bullish. But in hourly and day we find too much gap between 9,21 average. So we need consolidation around 451-453 levels for averages to catch up.
If we consider the rise of 455.23 to 456.78 we find that 456.5-456.7 is approximately 61.8 retrace for the fall of 457.58 to 455.23.
So today holding 455-455.6 levels which is 200 averages in 15 minutes and 61.8% retrace for the last rise uptrend continues for a possible target of 458 levels. The uptrend is confirmed only above 459 for 462 levels.
I feel consolidation on way of seeing higher time frames.
The Elliott oscillator does not support an uptrend and so do the stochastics which do not have a black bar on top for my uptrend setup to work. They also suggest sideways.