S&P 500, Ascending-Wedge-Formation, Crucial Determination!

Hello,

Welcome to this analysis about the SPX 500 index and the 2-hour timeframe perspective. In recent times the index moved into a crucial determination as it is already overbought on the higher timeframes I also detected this main formation here that is likely to indicate a decisive reversal in this whole structure. Therefore as when looking at my chart, we can watch there how the Index is building this main ascending-wedge-formation marked with the boundaries in black and the coherent wave-count within. In the ascending-wedge the Index has already completed the waves A to C and is now about to complete the wave-D on which the wave-E follows up, when this wave-E has been completed in the upper resistance-cluster marked in red this will be the setup for this whole wedge-formation to complete which will happen with a pullback and when the Index then finally marked below the lower boundary of the wedge it will be the origin for further bearish continuations to the downside and appointing of the lower target zone between the 4525 and 4540 zones, once this has been reached it has to be elevated if the S&P 500 manages to reverse in the structure or just sets up for further continuations to the downside.

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Comment:

ANALYSIS UPDATE: The S&P 500 completed the whole ascending wedge formation with a pullback from the upper boundary and a continued wedge breakout below the lower boundary.

The S&P 500 since completing the whole wedge formation accelerated the bearish dynamics to reach all of the final bearish target zones.