SPY
November 2, 2023 15 Minutes
SPY
as expected was around the target 421-422 levels. If you consider the rise of 414.22 to 421.9
SPY
retraced to 38.2 % levels around 419 levels before hitting 423 levels. Wave 3 is still in progress as per oscillator 5,35.
Stochastics black bar is still on top.
CCI green.
Once
SPY
takes out 423.75 levels we will have resistance around 427 levels. Fibo is drawn on the chart.
For the fall 438.14 to 409.22, it is 61.8% of retracements.
If we take the last rise 419.09 to 423.68 , holding 420 levels today uptrend is intact for wave 3.
We are having 50,100,200 averages below with 100 around 416 levels and 200 around 417.8 levels.
So if we take the rise from 414.22 to 423.5 we can expect a retracement around 418 to 419 levels which could be taken as a retracement of wave 4 for a target 427 initially.
The important level to hold now is 414.22.