SPY
January 3, 2024 Weekly.
Uptrend intact.
For the rise 218 to 480
SPY
retraced to 50% around 348 levels. Also for the two LLs around 362 and 348, we had good Elliott oscillator divergence.
If we take the rise from 348 to 460
SPY
again retraced 50% of the move around 410 levels. For the last rise from 410 to 470 50% retracement is around 435-440 levels.
Which also is a probable 50 weekly average.
Daily.
Daily 435-440 happen to be 100 and 200 average levels. So i will be bearish only below 430 levels being more than 61.8% of the retracement for the rise.
60 Minutes.
Consider the two rises.
454 to 477 and 468 to 477.
For the latter
SPY
has broken 61.8% retracement. So upsite is limited to double top around 477 levels. For the rise 457 to 477 61.8%, retracement is 464 levels. Which is also 200 average.
So I will buy above 477 cross and sell below 464 in hourly.
15 Minutes.
SPY
is clearly in a downtrend. Below all moving averages.LL formation intact with the latest LL being 470 levels. I will go short below 470 for 467-468 as target SL 474 levels. But R:R is not favorable, and there is oscillator divergence in two LLs at 471.3 and 470.98 levels. Hence no trade as of now.