cfetrader
Long

SPX rise potential

FX:SPX500   S&P 500 Index
267 views
5
267 3
Although the moving averages MA(10) & ALMA (50) are close to a sell signal, this month's rise has resulted into a positive divergence and line(2) break in the RSI diagram. The long term ascending channel is intact and a Wolfe wave may point towards a target of 2400 in due course.
Further elaboration on the Wolfe wave possibility

Reply
VRShaiju cfetrader
Looks to me a shark pattern :). Price range between 2200-2300 should provide another big resistance.
+1 Reply
cfetrader VRShaiju
Hello VRS, that is also correct. Strange how 2 patterns can coincide in their potential predictions. Of course, as always there is another side of the coin, and the channel can stop the rise with an eventual 121 bearish pattern. The characteristic dip of point 5 made me select in this case the Wolfe wave pattern.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out