$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 move 418 to 396.25 (23rd February) SPY has retraced nearly 78%.
Generally, i have seen when more than 61% retracement is done it usually forms a double top.
SPY hovering around 50day support last 2 days.
So, on this fall retracement 407-409 is the level to watch for shorting.
Also, the 9 and 21 moving averages are sloping down.
Hourly
Trend is down.
15 Minutes
Trend is down. But at the moment it is above 9,21 averages.
Need to cross 402.2 to confirm uptrend in hourly towards 200 moving average around 406 levels.
Today 24th February2023 SPY is +Ve bias as long as it is above 399.2-400.2 levels.
For the fall from 412.9 to 396.26 the 61.8% retracement is 406.56
For the fall from 407.5 to 396.26 the 61.8% retracement is 403.18
As said earlier 406 is also 200 moving average.
Oscillator 5,35 green
CCI green
Stochastic false bar on top
Price above 9 and 21 moving averages.
So if it crosses 402.2, close open i will go long for 406 levels SL 399 for 1:1 trade.
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 move 418 to 396.25 (23rd February) SPY has retraced nearly 78%.
Generally, i have seen when more than 61% retracement is done it usually forms a double top.
SPY hovering around 50day support last 2 days.
So, on this fall retracement 407-409 is the level to watch for shorting.
Also, the 9 and 21 moving averages are sloping down.
Hourly
Trend is down.
15 Minutes
Trend is down. But at the moment it is above 9,21 averages.
Need to cross 402.2 to confirm uptrend in hourly towards 200 moving average around 406 levels.
Today 24th February2023 SPY is +Ve bias as long as it is above 399.2-400.2 levels.
For the fall from 412.9 to 396.26 the 61.8% retracement is 406.56
For the fall from 407.5 to 396.26 the 61.8% retracement is 403.18
As said earlier 406 is also 200 moving average.
Oscillator 5,35 green
CCI green
Stochastic false bar on top
Price above 9 and 21 moving averages.
So if it crosses 402.2, close open i will go long for 406 levels SL 399 for 1:1 trade.