Categories: Technical analysis

S&P 500 Analysis 04 November, 2020

• 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).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: SPX500

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