S&P 500 Analysis 04 November, 2020
November 04, 2020 @ 18:34 +03:00
• S&P 500 rising inside impulse wave 3
• Likely to reach 3540.00
S&P 500 continues to rise inside the sharp upward impulse wave 3, which started recently from the pivotal support level 3240.00 (low of Morning Star from September) – standing near the lower daily Bollinger Band and 38.2% Fibonacci correction of the upward impulse from May.
The active impulse wave 3 belongs to the longer-term upward impulse sequence (3) which started from the same support level 3240.00 in September.
S&P 500 is likely to rise further toward the next resistance level 3540.00 (previous monthly high from October).