SPY
January 10, 2024 15 Minutes.
SPY opened with a gap down. For the rise from 466.4 to 474.75 it was around 38.2% retracement.
The second bar closed near the top, at 200 averages.
The third bar closed above 200 averages triggering a long buy with SL 471.25 10 cents below the day low. at that time for a target previous day high around 474.5+ levels. So R: R was approximately $1.25: $2. Not bad for a day setup.
We were supported with Stochastics turned up without a black bar on the bottom. Since there was a black bar on top this reversal was bought which was also supported by the Elliott oscillator being green. And in due course, black on stochastics top reappeared supporting our view.
Now for the day, we have a 50 average crossing 200 in 15 minutes, holding 472.5 today i will be long.
I believe once more we will have the Wednesday or Thursday trade setup in SPY to make some $$.
Also for the fall, 477.55 to 466.44
SPY
has closed above 61.8% of the retracement for the fall being 473.3.