SPY
February 27, 2024 15 Minutes.
As expected a small retracement happened and 505 was protected yesterday.
For the move 503.02 to 510.13, nearly 61.8% retracement is done.
For the fall 509.06 to 505.86 507-508 will be a good place to short.
For the rise of 493.56 to 510.13, we have a 61.8% retracement of around 500 levels.
For the day I will short around 507-508 for a target of 502-503 levels with SL 509.
We have an LL LH in formation, supported by stochastics black bar in the bottom, Elliot Oscillator red, and CCI red.
Long only above 510.5 because hourly the ATH bar had a close near the bottom, bow below and 21 averages and 50 average is around 502.
Also for the move 490.72 to 510.13, we have 38.2% retracement round 503 levels.
Hence I expect a retracement to 500-503 levels.
I am still of the view that holding 490 I have a target of 540+ in SPY, which is very much possible once IWM breaks 206 levels for a target of 235+ which will result in broader market participation.