S&P 500 Wave Analysis 29 January 2024

– S&P 500 rising strongly

– Likely to rise to resistance level 5000.00

S&P 500 index rising strongly after the price broke above the resistance level 4800.00 (which stopped the previous impulse waves 1 and i, as can be seen below).

The breakout of the resistance level 4800.00 accelerated the active minor impulse wave 3 of the intermediate impulse wave (C) from the end of October.

Given the clear daily uptrend, S&P 500 index can be expected to rise further to the next round resistance level 5000.00, target for the completion of the active impulse wave (C).