SPY
January 25, 2024 15 Minutes
As expected since
SPY
was way above moving averages the 15-minute uptrend was limited. The target 488.5 above the breakout rectangle was achieved allowing shorting at 488 levels. This is a contra setup considering
SPY
is an uptrend, a Black bar on stochastic on top, and the Elliott wave oscillator was green. Consider the rise 472.42 to 488.78 and 482.89 to 488.78.
For the former
SPY
has retraced to 23.6% levels and for the latter
SPY
is at 61.8% retracement. Since 61.8% done I expect a triple top at 488 levels.
And for the fall 488.78 to 485, the 61.8% is around 487.5 levels.
So that is again a good level to short with SL 488.75 levels.
I am targeting to close shorts around 482.5-483 levels keeping in mind that 481-482 could be a target as 100 and 200 could meet around that level.
As usual possible to make some $ on Wednesday/Thursday?