SPY
October 27,2023 15 Minutes.
As expected once 418 was breached we saw 412 levels.
Let's take 3 Fibs
The rise 380 to 459
The rise 368 to 459
The rise 348 to 459
The first rise had done 61.8% retracement around 411-412 levels.
The next has levels around 402-404 and the last 390 levels.
On the upside, we can see consolidation around 424 levels.
Seeing the Elliott oscillator I feel a 5 has been done from 438 to 412 levels.
Oscillator divergence in 417.81 and 411.6 can be seen.
Also 411.6 low had close at the top of the bar.
If 411.6 is broken then the downside continues to around 406+-2 levels
If we take the fall 424.81 to 411.6 419 levels could provide a level to initiate short again strict SL 422 levels.
The selling is going on from 17th October so I won't be surprised if a big move to 420 levels takes out sorts existing in the system.
At the moment I am long only above 424 and sell on the rise till 420 levels.
No comments on moving averages as all are breached.
Looking at the chart, the Elliott oscillator, CCI, and Stochastics are not the time to go long.