$SPY
Week ended 17-02-2023
Weekly:
Assuming that wave 5 was done at 479.98.
ABC is done at 362.17 to 431.73 to 348.11.
Lower low was made but Oscillator 5,35 had divergence.
Now we have a higher low at 374.77. Which must be held for uptrend in weekly to continue.
As of now price action suggests buy only above 479.98 being HH.
Moving averages are converging.
So, coming week or next is crucial for direction.
Daily:
HH HL holding.
$Spy closed below 21 MA.
50,100,200 are in the region 389-396 region.
Oscillator 5,35 is green, Stochastic black bar on top.
So i expect the HL 387.26 will hold.
Hourly:
As stated in earlier days 404 should be defended being 200 hour average.
Assuming 418.31 as wave 5. Then 405.01 to 415.05 to 404.06 can be taken as ABC move.
One issue. Oscillator 5.35 no divergence. So i expect a low till 200 hourly level.
Buy is only above 415.05 as of now.
Week ended 17-02-2023
Weekly:
Assuming that wave 5 was done at 479.98.
ABC is done at 362.17 to 431.73 to 348.11.
Lower low was made but Oscillator 5,35 had divergence.
Now we have a higher low at 374.77. Which must be held for uptrend in weekly to continue.
As of now price action suggests buy only above 479.98 being HH.
Moving averages are converging.
So, coming week or next is crucial for direction.
Daily:
HH HL holding.
$Spy closed below 21 MA.
50,100,200 are in the region 389-396 region.
Oscillator 5,35 is green, Stochastic black bar on top.
So i expect the HL 387.26 will hold.
Hourly:
As stated in earlier days 404 should be defended being 200 hour average.
Assuming 418.31 as wave 5. Then 405.01 to 415.05 to 404.06 can be taken as ABC move.
One issue. Oscillator 5.35 no divergence. So i expect a low till 200 hourly level.
Buy is only above 415.05 as of now.