SPY
Weekly setup Consider the rise 218.26 to 479.98.
SPY
retraced 50$ around 349 levels. Now consider the rise 348.11 to 459.44
SPY
retraced to 38.2% levels. Hence 412-416 is very important to hold for uptrend.
61.8% retracement is around 390 levels Which would give us a very good level to long with a small SL.
If 412-418 levels are held then we will have one more HL for a target 480 initially.
We are supported by:
Elliott oscillator green, No divergence in Oscillator yet.
Stochastics black bar on top, so t a buy a retrace as per setup as long black bar does not come on retrace.
Waiting for CCI to become green.
Most important for me. 9,21-,50- and 100-week averages are converging.
So, moment on either side will be powerful and very impulsive too.