SPY
October 4, 2023. 15 Minutes.
Down trend continues.
As expected once 424.52 was broken it was non stop downtrend till 420 levels.
We are nearing the important 418-412 levels.
Yesterday made a mistake as i missed to see the 100,50 averages near 427 levels.
SPY
made a high 426.65 and reversed getting resisted around those average levels. When trending it always good to watch the moving averages.
SPY
making LH LL pattern. So first need to cross 427.37 for trend change in 15 minutes. We have an oscillator divergence in 15 minutes at two LL so can expect a bounce back.
Sell on rise is still active.
If we take the two falls
426.65 to 420.19
422.81 to 420.19
we can expect a bounce back to 422 to 424 being 61.8% retracements.
Why 418-412 levels are important for me now?
In daily if we draw fibo from 348.11 to 459.44 we have 38.2 % retracement around 416-417 levels.
And 200 averages are now around 419 levels not sloping upwards last few days.
Not a good sign for me.