$SPY January 15th, 2025AMEX:SPY January 15th, 2025
15 minutes
As the numbers are below 200 averages in 15 minutes, I will short.
For the fall 595 to 575 we have ascillator divergence, therefore, taking 575.35 as the low, drawing extension for the move 575.5 to 585 to 578.35, we have a first target of 588 and second target of 594 levels
For the fall 597.75 to 575.35 we have 0.618 retracement at 590 - 591 levels.
That is the level I will short.
However, we have 200 averages at 588 levels, therefore the short will give us only $2 profit.
Since the risk to reward is not good, we have to wait for the first 15 minute bar to form to see how the close is located, either near top or near bottom.
As written many times, gaps which are unfilled are strong, therefore if we get the first bar close near top, keeping the low of the bar as stoploss, we have to go long.
The reason is the values become above 200 averages, therby triggering a buy.
