$SPY March 3, 2023
Weekly.
Today Friday. I need a good close.
$SPY making a good pattern in weekly.
If we consider March 20, 2020 low as beginning of wave 3.
Wave 1 from 181.02 to 339
Wave 2 339 to 218.26
Wave 3 218.26 to 479.98
Wave 4 479.98 to 348.11
(In wave 3 you can see the oscillator 5.35 green till 479 levels)
Wave 4 has retraced 50% rise of wave 3.
Assuming Wave 5 = wave 1
Wave 1 is 339 - 181 = 158 points
Assuming low as 348.11, Wave 5 target is 348 + 158 = 506
Provided 348 low is held.
However, since i see a boring wave 4 most on sideways between 360 - 430 range for 8-10 months I prefer more conformation.
When $SPY made LL at 348.11 Oscillator 5,35 made divergence.
Yesterday $SPY made a low near 393 levels but closed near high of 397 levels. Therefore, on the weekly trendline SPY which broke on January 23 ,2023 has now completed the retest on trendline.
Also, we have moving averages convergence at that area thereby making yesterday low as an important number.
Today is very important to hold 392 levels for a buy to occur above 418 levels.
Weekly.
Today Friday. I need a good close.
$SPY making a good pattern in weekly.
If we consider March 20, 2020 low as beginning of wave 3.
Wave 1 from 181.02 to 339
Wave 2 339 to 218.26
Wave 3 218.26 to 479.98
Wave 4 479.98 to 348.11
(In wave 3 you can see the oscillator 5.35 green till 479 levels)
Wave 4 has retraced 50% rise of wave 3.
Assuming Wave 5 = wave 1
Wave 1 is 339 - 181 = 158 points
Assuming low as 348.11, Wave 5 target is 348 + 158 = 506
Provided 348 low is held.
However, since i see a boring wave 4 most on sideways between 360 - 430 range for 8-10 months I prefer more conformation.
When $SPY made LL at 348.11 Oscillator 5,35 made divergence.
Yesterday $SPY made a low near 393 levels but closed near high of 397 levels. Therefore, on the weekly trendline SPY which broke on January 23 ,2023 has now completed the retest on trendline.
Also, we have moving averages convergence at that area thereby making yesterday low as an important number.
Today is very important to hold 392 levels for a buy to occur above 418 levels.