S&P500 Short-term Rising Wedge ahead of the Fed.

The S&P500 is trading within a Rising Wedge pattern since the October 13 Low and which ahead of the Fed Interest Rate Decision tomorrow, should break-out. Until it does, the Support and level to buy is the 4H MA50 (blue trend-line), which has formed the last two Higher Lows. This should coincide with a Higher Low on the 4H RSI trend-line. As long as it holds, the target will the the 3918.50 Resistance and above that a Higher High within 3990 - 4000.

A candle close below the 4H MA50 would constitute a bearish break-out from the bottom (Higher Lows trend-line) of the Rising Wedge. In that case the immediate target should be the 4H MA200 (orange trend-line). Below that all lower Fibs can be filled.




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