SPY
February 6, 2024 15 Minutes
Yesterday's channel was not broken. 490.72 the recent lows become important now.
In daily it is HL as of now.
We have a wave 3 running as per Elliott oscillator count. We need to cross 503 levels still. Then we shall have a target of 506 levels for this move.
Yester being a small gap up I went long after it was filled, around 2 hours after open. I am long from 500 levels.
At the moment the moving averages of 50,100 and 200 are around 498.5 levels, which provides good support.
Usually, I do not carry position over the weekend. So will decide as the day progresses.
If we consider the lat rise of 495.23 to 502.20 holding 498-498.5 is important.
On the indicator side, we are supported by a black bar on stochastics on top, Elliott oscillator green, and CCI green.