SPY
December 8, 2023 15 Minutes.
Loss day.
Opened the gap up.
Close near low. Shorted. Made the mistake of not checking stochastics as it has still not curled own from 75-80+ levels.
At the close of the third bar, realized the mistake. as the bar closed near the top and broke the first bar high too.
Went long with SL as the previous bar low at 456.2, for a target of 458.70+ being the previous day's high at open.
In 5 minute chart it is very clear. The 10th bar is a by with Elliott oscillator Green, Stochastic black bar on top, and CCI Green too.
It was a classic moving average caching setup. made a low of 456.52 being the 100 average in 5 and in due time 50 averages crossed the 100 and the uptrend continued throughout the day.
For the day I expect a retrace to 457 levels which is 38.2% retrace for the last rise in 15 minutes, 9 averages in 60 minutes, and 50,100 averages in 5 minutes.
So holding 457 levels I expect the uptrend to continue for - 460-462 levels.
Note:
I made one mistake yesterday.
We had a three-rise pattern which usually gives a shakeout before rising again.