SPY
November 11, 2023 15 Minutes.
SPY
opened with a gap up. I expected a retrace and wanted to short at 436 levels.
Since it opened with a gap up I waited for a retrace.
Generally f the gap is not filled then the gap up/down is strong.
SPY
retraced 61.8% of the rise from 433.39 to 436.24. The rise of 434.43 to 436.79 in 3 bars signaled a trend to change as in lower time frames it went above the 200 average, CCI green, Elliott oscillator green, and stochastic black bar on top.
Since the day high was taken out we had a buy above at 436.8 with SL 434.4 for a target 440 which we already knew to be a resistance.
Now if we consider the fall 459.44 to 409.21
SPY
has retraced 61.8% being 440.3 levels. And for the rise from 374.77 to 459.44 it retraced to 61.8 being around 408 levels.
For Monday I will wait for a retracement for the rise from 434.43 to 440.93 levels.
The 61.8% is 437 levels.
It also happens to be 100,50 moving average levels.
If 437-439 levels are held and if no long bars on possible retraces then 446-447 is a possible target when 441.5-442 is crossed.