SPY
January 30 2024 15 Minutes
SPY
continues its uptrend with divergence. Broke the rectangle consolidation. 492.5 is crucial. There is divergence in the Elliott oscillator in all-time frames. The expected pull back not happening.
The fact it is making HH and HL narrowly suggests it is a testing time for traders with rules-based entry exit.
My shorts have a stop loss at 493 levels.
So far the divergence traded does not seem to work.
I had a similar issue from June to July 2023 when SPY moved from 410 to 459 with divergence and pulled back to 433 levels quickly.
For the day holding 489.5 is important.
This has become one ego trade. At any cost, I will close today.