$SPY October 10, 2024

SPY October 10, 2024

15 Minutes.

2 days patience paid off.

SPY broke 575 made a high 577.06 and retraced back to 575 to make a new high 577.71.

So consider the 2 fibs

Rise from 574..99 to 577.71. For this holding 575-576 is important.

For the fib extension 564.49 to 573.36 to 566.63 (because two LL 566.24 and 565.49 had oscillator divergence) 100% extension was 575 levels.

Hence was waiting to cross 575.
Now holding 575 which is 38.2% retracement for the rise 566.63 to 577.71 we have a target 578-579 levels.

On downside it is important to hold 570 levels as it is 61.8 retracement for the last rise from 566.63 and also 20 averages in 15 minutes.

So today I will buy on retrace at 575-576 levels for 579 as target.

The small rectangle box drawn is crucial to hold today.