SPY
November 21, 2023 15 Minutes.
As expected once 452 was crossed we had a had over till 455.
Aggressive buy came above 451.4 as the previous HH was 451.37.
In 15 minutes the first bar broke the trend line drawn and closed near the top of the bar. Since it was a long bar we had to wait for a retracement, Which occurred in the next 3 bars as can be seen.
So 452 buy was correct with SL 450.5.
I closed position around 455 levels as we had 3 bars struggling near the end to make it higher.
If we consider the rise from 452.48 to 422.12
SPY
should hold 453.5 - 454 levels for the uptrend to continue. I still have the Elliott oscillator issue. The highs made at 451.37 levels on 15th November are still higher even though the price has made a new high of 455 levels.
As I play moving average a lot, I expect the 50 average around 452 levels to be held on a retrace now. I will be short if 450 is taken out for the 446 level as of today.
In the hourly time frame, for the rise of 448.12 to 455.12, it is important to hold 452 levels.
One more reason why I will be going short if 450 is breached on the lower side.
SPY
is an interesting stage now. If you draw a trend line daily from a high of 459.44 touches nearly 4 points. Hence the breakout on the upside was severe. On daily the trend support is around 444 levels which is also 100 averages. I have 446 a target on short because it is a high of the gap and 200 averages in daily.