SPY
March 4, 2024 15 Minutes.
As expected
SPY
made a high around 513 levels once 508 was crossed. I expect a sideways couple of days as prices are away considerably from moving averages.
Also, we have a bar in 15 minutes at ATH 513.29 with the close near the low of the bar.
If we consider the rise from 507.17 to 513.29 as long 510 levels are held uptrend continues initially to 515 levels.
That number was arrived by drawing an extension from 493.56 to 510.13 to 504.75.
The 0.618 to 1.618 is in the range of 515 to 530.
Hence holding 510 levels I expect 515 to 517 as a target for the week.
We are supported by a black bar on the stochastics top, Elliott oscillator green, and CCI green.
I am long at the moment with SL 508.4 levels with an entry also around that level.
I will add more once 513.29 is crossed convincingly.
All levels mentioned above are in the 15-minute time frame.
On a daily time frame the levels of 490 SL, I have a target of 540 levels intact, hence uptrend is confirmed as long low is held.