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S&P 500: 2970/2980 In View

Published 08/21/2019, 09:21 AM
Updated 07/09/2023, 06:31 AM

S&P 500 is currently picking up from the 2890 region, where we think corrective wave iv of a bigger wave C impulse found a base. If that is the case, then be prepared for a new high in the next couple of sessions; we have a projection target for a sub-wave v of C near the 2970/2980 area. However keep in mind that we are tracking the fifth wave of an impulse, which means bulls can be ready to slow down, and a temporary A-B-C move lower can follow.

S&P500, 30Min

S&p500, 30min

Latest comments

I certainly respect your analysis! It's always best to consider all angles. When viewing an hourly chart it looks like we may get a false break out briefly above the 2930 area, then a reversal lower. We likely hold 2840 for further consolidation before a potential next leg down. I have support areas around 2875/80, 2840/50, 2799/2804. Ultimately, looking for a Fib Ext move from the current leg.
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