$SPY November 4, 2023

SPY November 4, 2023

60 Minutes.

As shared in earlier posts once 424-425 was taken out there was a trend change.

Also the channel is broken with a gap up.

Wave 4 retrace did not happen still.
Powerful wae 3 is on.

Let's take 3 fibs.

The rise from 409.22 to 436.29
The fall 438.14 to 409.22
The fall 451.07 to 409.22

For the rise, the uptrend is intact as long as 427-430 held.
For the fall 438.14 to 409.22, we have taken out 61.8% retracements with a gap up.

Now for the larger fall, SPY is at 61.8% retracement and holding above around 430 levels it is expected to reach 442 initially.

SPY above all moving averages, Elliott oscillator Green, CCI green, stochastic black bar on top.

428 is the level hold now.