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).