SPY
December 12, 2023 60 Minutes.
The target 462 which was expected last few days was achieved.
In fact, from the November 15 low of 448
SPY
was between 450-460 last month. This has made it possible for the moving averages to catch up. Now we will have to keep the target of 470+ provided 455-457 is held.
Now for the last rise of 459.91 to 462.17 460 levels need to hold.
And for the rise 457.54 to 462.17 459.5 to 46 must hold.
Also if we take the larger rise from 433.39 to 462.17 38.2% retracement is around 452 levels.
I expect in the event of any retracement 456 to be a strong resistance being 100 average number.
Since I follow the Elliott oscillator, black bar stochastics, and moving averages for my setup, it is clear there is a divergence between the price and the Elliot oscillator.
If we get a pullback around 457-458 levels it will be a good place to initiate a new position for 462+ towards 470 levels.