S&P 500 index Wave Analysis 15 August 2024

– S&P 500 index rising inside impulse wave 3

– Likely to test resistance level 5570.00

S&P 500 index recently continues to rise inside the impulse wave 3 which previously broke the resistance area located between the strong resistance level 5400.00 (former strong support from the end of July) and the 50% Fibonacci correction of the downward ABC correction 2 from last month.

The active short-term impulse wave 3 is a part of the longer-term upward impulse sequence (3) from the middle of April.

Given clear daily uptrend, S&P 500 index can be expected to rise further toward the next resistance level 5570.00 (top of wave (b) from the end of July).