SPY
October 30, 2023 15 Minutes
The downtrend is still in trend.
However, in recent lows, we are having oscillator divergence.
Looks like the end of wave 3 is in sight.
As of now uptrend is only above 425 levels.
The expected retracement will face resistance around 413 - 418 levels being Fibo numbers as marked.
That should give us a good point to enter shorts again.
I expect a consolidation of averages this week before resuming the downtrend. This is also supported by the sloping down of moving averages.
I will look at the close today to have a better picture of the downtrend for this week.
My first target on the downside is around 406 levels.