SPY
January 19, 2024 15 Minutes.
The short was taken as it was gap open. The subsequent 2 bars were green with close near the top of the bar. Also, we started to have a black bar on top of stochastics supported by Elliott oscillator green and CCI green.
And once 475.5 was taken we had a trend change to go long.
If we consider the rise of 464.44 to 478.6
SPY
retraced to 61.8% being 470 levels. So I expect a resistance around 477.5-478.5 levels for this current move.
The current long will be closed around 478 - 478.5 levels.
For the day if we take the last rise of 472.42 to 477.05
SPY
need to hold 474 levels.