SPY
April 21, 2024 15 Minutes.
As expected the downtrend continues.
Two issues.
It is coming to the lower parallel channel in the move.
And oscillator divergence.
I expect a retrace to 498-500 levels.
As I believe once 492-490 levels broke I will have a target of 495 which is 32% retracement for the larger move 409 to 524.
409 I have taken because for the trend change for this uptrend happened from the 348 low.
And in that move for the rise 348 to 459
SPY
retraced to 409 levels. From that low it went to 524 levels. Hence I consider the large move from 409 to 524, 480 as a number to watch.