SPY
August 2, 2023 15 Minutes.
Took support at 200 averages around 455.5 levels.
If we take yesterday fall from 457.84 to 455.49 it retraced to 61.8 levels around 45.9 levels.
On the larger fall as drawn previously 459.44 to 451.55 it was around 5 levels.
For the rise 451.55 to 458.17
SPY
hovering around .382 levels. And taking multiple support at 200 averages. Good consolidation going on. All moving averages converging. 200 averages sloping upwards.
Cons
Forming LH LL formation. But Elliott oscillator still green, CCI green and no black bar in stochastics at bottom.
Bullish above 458.17 and bearish below 455.49.
I will wait for first 15 minutes.
From 28th July consolidation going on.
In 60 minutes the 100 averages is around 454 levels and 200 averages around 445 levels.
Both are sloping upwards. 454 is also 200 averages in 30 minutes.
We can assume now in most timeframes a 5 is completed at 459.44.
So, if the trend is going to be downside i expect 451-453 levels to provide good support this week.