$SPY October 24, 2023

SPY October 24, 2023

15 Minutes
We had a red to green day.
Gap down. Made a low 417.81.
The next bar was green. And close near top of bar.
We can catch this move earlier in 3- or 5-minutes time frame.

If we take the fibo 424.77 to 417.81 the second bar closed on top and also above 38.2% levels.
At the same time we had a divergence in Elliott oscillator. For target we can draw a fibo from 420.46 to 417.81. That gave us 424.75 to 426.5.

High was 424.45. It was nearly 1:1 trade. Risky but worth it as it was steep fall last few days.

Now the rise 417.81 to 424.45 retraced to 61.8% around 420.5.
So, if we take the fall 424.45 to 420.25, we can expect a retracement to 422.5 levels.

As of now 412-414 looks more probable than 426-430 levels which is 100 and 200 averages.
As the moving averages are sloping downwards, we can expect a consolidation around 418-420.

So, upside I have 424.5 as target and downside 412-414 a target.

The first 15 minutes should give us a direction, hopefully.