cfetrader
Long

SPX rise potential

FX:SPX500   S&P 500 Index
266 3 5
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

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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.
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