SP35 index Wave Analysis – 5 January, 2023

• SP35 index broke key resistance level 8500.00

• Likely to rise to resistance level 8700.00

SP35 index recently broke above the key resistance level 8500.00 (which stopped the previous sharp upward waves (2) and (A), as can be seen from the daily SP35 chart below).

The breakout of the resistance level 8500.00 accelerated the active impulse wave 3, which belongs to the intermediate impulse wave (C) from last month.

SP35 index can be expected to rise further toward the next resistance level 8700.00 (target price for the completion of the active impulse wave 3).