$SPY
Daily
SPY had completed a 5 wave from 479.98 to 348.11.
Now HH HL is formed with 418.31 and 387.26.
Since SPY is in this range i am looking at lower time frames for some setups.
Assuming ABC is done from 410 to 374 to 418 the next leg is down until 418.31 is crossed.
Now in the fall 418 to 393.64 (24th February) SPY has retraced nearly 78%.
SPY taking 200-day support now.
However, 100 day is below 200 and curving up.
If we draw regression for this fall (418 to 393.64) the Pierson ratio is 0.75 levels
Generally, I prefer 0.9+ for bullishness. I have drawn regression because stochastic black bar op top as per my setup.
Moving averages 9,21,50,100 are still between 2 to 3.5% width among them.
Now the important thing is the HL at 387 should not get broken.
For Monday SPY is +ve bias along it is above 396.5
Daily
SPY had completed a 5 wave from 479.98 to 348.11.
Now HH HL is formed with 418.31 and 387.26.
Since SPY is in this range i am looking at lower time frames for some setups.
Assuming ABC is done from 410 to 374 to 418 the next leg is down until 418.31 is crossed.
Now in the fall 418 to 393.64 (24th February) SPY has retraced nearly 78%.
SPY taking 200-day support now.
However, 100 day is below 200 and curving up.
If we draw regression for this fall (418 to 393.64) the Pierson ratio is 0.75 levels
Generally, I prefer 0.9+ for bullishness. I have drawn regression because stochastic black bar op top as per my setup.
Moving averages 9,21,50,100 are still between 2 to 3.5% width among them.
Now the important thing is the HL at 387 should not get broken.
For Monday SPY is +ve bias along it is above 396.5
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