The S&P 500 is showing strong signs of recovery, having decisively broken above the 6620 level after previously moving out of a diagonal formation. This breakout effectively confirmed a bottom and signals the start of a new bullish phase.
The current advance appears impulsive in nature, suggesting a five-wave structure is unfolding. This indicates that, even if a short-term wave 4 pullback occurs, the broader recovery is likely to continue with further upside ahead.
From a technical perspective, key support is now seen in the 7000–7100 zone, which could act as a foundation for the next leg higher. As long as price holds above this area, the bullish outlook remains intact, with momentum favoring continued gains in the near term.
The current advance appears impulsive in nature, suggesting a five-wave structure is unfolding. This indicates that, even if a short-term wave 4 pullback occurs, the broader recovery is likely to continue with further upside ahead.
From a technical perspective, key support is now seen in the 7000–7100 zone, which could act as a foundation for the next leg higher. As long as price holds above this area, the bullish outlook remains intact, with momentum favoring continued gains in the near term.
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Learn Elliott Waves Sale-65%
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Learn Elliott Waves Sale-65%
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.