S&P 500 Wave Analysis – 5 November, 2021

• S&P 500 reversed from key support level 4550.00

• Likely to rise to resistance level 4800.00                                                                 

S&P 500 index continues to rise steadily after the price reversed up from the key support level 4550.00 (former resistance from the start of September).

The upward reversal from the support level 4550.00 started the active impulse wave 3 of the higher level impulse wave (3).

Given the prevailing daily uptrend, S&P 500 index can be expected to rise further toward the next resistance level 4800.00 (target for the completion of the active impulse wave 3))