SP500 is trading in a bullish impulse and from Elliott wave perspective it’s unfolding five waves up from the lows.
SP500 is in strong and impulsive rally, which indicates for a bullish five-wave movement away from the lows. Well, we believe that SP500 is in a bullish impulse and we can expect more upside within a projected five-wave cycle. Just be aware of a pullback in wave 4 before the uptrend for wave 5 resumes.
Currently we can see it finishing wave (5) of 3 which can stop here around important Fibo. cluster target and 4300-4400 area. However, more gains can be seen, just keep in mind that higher degree wave 4 correction back to 4200 – 4100 support zone may occur anytime soon.
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