SPY
October 30, 2023
15 Minutes
The downtrend is still in trend.
However, in recent lows, we are having oscillator divergence.
Looks like the end of wave 3 is in sight.
As of now uptrend is only above 425 levels.
The expected retracement will face resistance around 413 - 418 levels being Fibo numbers as marked.
That should give us a good point to enter shorts again.
I expect a consolidation of averages this week before resuming the downtrend. This is also supported by the sloping down of moving averages.
I will look at the close today to have a better picture of the downtrend for this week.
My first target on the downside is around 406 levels.
15 Minutes
The downtrend is still in trend.
However, in recent lows, we are having oscillator divergence.
Looks like the end of wave 3 is in sight.
As of now uptrend is only above 425 levels.
The expected retracement will face resistance around 413 - 418 levels being Fibo numbers as marked.
That should give us a good point to enter shorts again.
I expect a consolidation of averages this week before resuming the downtrend. This is also supported by the sloping down of moving averages.
I will look at the close today to have a better picture of the downtrend for this week.
My first target on the downside is around 406 levels.