Technical analysis

    S&P 500 – A new all-time high this year! | Elliott Wave + Wedge

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    SPX 500 on the 4h chart
    • SPX500, together with Nasdaq, has incredible power and is a great opportunity for traders and investors.
    • On the 4h/ daily chart , we have a descending broadening wedge , so you can wait for a breakout of this pattern to enter a long position.
    • According to my Elliott Wave analysis, an ABC correction has ended, and there is a strong possibility of a new impulsive wave to the upside!
    • As you can see, we have a total of 3 trendlines on this chart, which prints a very nice market structure.
    • The previous all-time high is the next stop, and after that, we will go much higher.
    • The price is currently sitting on the 0.618 FIB, which is definitely the strongest fibonacci level that provides a tremendous buying opportunity at this point.
    • https://www.tradingview.com/chart/SPX/AQlMYWAM-S-P-500-A-new-all-time-high-this-year-Elliott-Wave-Wedge/
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.