E-mini S&P 500 - wedge breakout

CME_MINI:ES1!   S&P 500 E-mini Futures
The upper limit within a wedge pattern has been broken on the E-mini S&P 500 futures chart. It seems that the breakout took place with a significant strength of the bulls. This type of fast upward movement may be labeled as a potential wave 3 and is known from the Elliott wave theory.

Key support seems to be placed at 3221 pts. and possible next resistance could be located at 3414 pts. If the whole five wave structure is about to continue, we could assume that wave four and wave five is about to create in the near future.

Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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