SPY
November 17, 2023 15 Minutes.
No retracement day. Again.
Generally, if we have a gap at the resistance point, in this case, around 450 levels (see 60 minutes chart 14Th September gap down), and it goes sideways on the right side of the chart, it signals the strength of the chart.
The gap on 14Th November can be considered as a breakaway gap.
And today at close it broke the channel too.
Now holding 448.5 - 449 uptrend is intact first target being 452-453 levels.
That will be a 61.8% retracement for the rise.
At the moment I still have a target of 459 levels once 452-453 is crossed with good bars.
I am primarily a moving average Fibonacci trader.
And 200 for me is far away at 442 levels, rising.
Hence, even though we have a buy above 451.37 I will not enter for a trade as it is not my setup.
But if retracement happens today around 448-449.5 levels I will enter for 452 SL 448.4, as HL is broken.