SPY
March 6, 2024 15 Minutes.
SPY
opened with a gap down. Hence 508 was broken very easily. It has retraced 50% of the larger rise 493 to 514 levels. If we consider the fall fall 514.20 to 504.92 509.5 to 510 is a good level to short.
We have in 15 minutes multiple tops around 513 levels. So need to cross convincingly for an upmove.
As a trending day was expected the third bar in 15 minute time frame gave conformation. It went above the opening high but closed near the low of the bar.
As per the Elliott oscillator, we have a lower low in price but the oscillator has a divergence.
Hence we can assume wave 5 is completed for this move.
Since it is a steep fall from 514 to 505 levels I expect consolidation today with a support around 502 levels.