S&P 500 broke daily down channel
- S&P 500 broke daily down channel
- Next buy target - 2110.00
S&P 500 recently rose sharply – following the earlier breakout of the resistance trendline of the daily down channel from April (which has enclosed the previous primary ABC correction ②). The active impulse wave ③ started earlier – when the index reversed up from the support zone lying between the support level 2020.00, lower daily Bollinger Band, 38.2% Fibonacci correction of the previous upward impulse from February and the support trendline of the aforementioned down channel.
S&P 500 is likely to rise further to the next buy target at the resistance level 2110.00 (top of the previous primary impulse wave ①).