SPY
August 28,2023 Daily.
For the rise 430.65 to 459.44
SPY
made a low 433. It needs to hold 429 levels.Else very much possible for 420 levels
60 Minutes
For the fall 459.44 to 433 61.8% is around 450 levels.
For the rise 433 to 445.22
SPY
made a low 435 levels which is nearly 78% retracement of the rise. So i expect a double top on this rise capped around 445 levels. That is aso the level i expect 200 averages in 60 minutes to be around 2 weeks.
15 Minutes
I will consider 3 Fibs
The rise 433.01 to 445.22
The fall 445.22 to 435
The rise 435 to 441.30
The first rise is discussed above.
The second fall retraced to 61.8% and fell
The third rise needs to old 437 levels this week.
We have
SPY
with converging moving averages. Elliot oscillator green, Stochatics black bar on top and CCI green.
As of now i prefer to go long only above 445 for 449-450 as targets and sell on rise till 444 levels.