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$SPY Weekly setup

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SPDR S&P 500 ETF TRUST (BATS:SPY)  
RiderTrader  
BATS:SPY   SPDR S&P 500 ETF TRUST
Fibonacci Elliott Wave Moving Averages
3
2
fibonacci elliottwaves movingaverage
SPY Weekly setup

Consider the rise 218.26 to 479.98.
SPY retraced 50$ around 349 levels.

Now consider the rise 348.11 to 459.44
SPY retraced to 38.2% levels.

Hence 412-416 is very important to hold for uptrend.

61.8% retracement is around 390 levels Which would give us a very good level to long with a small SL.

If 412-418 levels are held then we will have one more HL for a target 480 initially.

We are supported by:

Elliott oscillator green, No divergence in Oscillator yet.
Stochastics black bar on top, so t a buy a retrace as per setup as long black bar does not come on retrace.

Waiting for CCI to become green.

Most important for me. 9,21-,50- and 100-week averages are converging.

So, moment on either side will be powerful and very impulsive too.
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