$SPY TOP 20
Added 2023-10-01 21:53:09 +0000 UTCWe called the bounce level and the bounce level has so far delivered. Between the yellow trend line and the 200 Day MA was our target and it hit exactly in between this area and the price is now holding back above the yellow trend line again.
We have been all over this.
The $SPY looks stronger than the $QQQ and the confluence level has delivered so far as a vital support area.
Getting above the blue line is the next test at $432, which was the high in August last year, it then flipped to a support line in June this year and has since tested this line twice so far.
So getting back above this line is important, meaning the slight dip below the blue line did not convert this back to a resistance line, this will be a bullish signal can confirm that we are in Wave 5.
Wave 5's target is still at $500.
