SPY
January 17, 2024 15 Minutes.
Back to 200 average support. As of now previous pattern if any has been negated in a 15-minute time frame.
We need to consider 3 Fibs.
The fall 478.6 to 473.07
The fall 476.6 to 473.07
And the rise from 473.07 to 475.06
As we can see in the chart
SPY
is a downtrend correction mode in 15 minutes and needs to cross 476 levels for a trend break. However in the larger time frame of 60 minutes for the rise of 466.44 to 478.6,
SPY
has retraced 38.2% levels so the uptrend is intact as long as 471 is held. For the day I expect 475.5 - 476 levels to be crucial.
I will buy above 476 with 478.5 + as the target and sell below 473 for 471 as the target based on the bar if R: R is good.
Remember 60 minute is still uptrend.