S&P 500 Breaking Higher

Forex Technical Analyst • Aug 17, 2017 at 4:26 AM EDT

E-mini S&P 500 surprised and turned up impulsively from 2431 which means that decline from 2490 was just another sharp sell-off; a corrective wave 4).

Good morning traders!

Today's focus will be on the S&P 500, its 4h and daily look.

E-mini S&P 500 surprised and turned up impulsively from 2431 which means that decline from 2490 was just another sharp sell-off; a corrective wave 4). As such, we are staying bullish on stocks now for a push to a new all-time high again, but into wave 5) which may rise up to 2500 with three waves since we are tracking an expanding diagonal in final stages of a larger bullish trend (visible on the daily chart).

S&P 500, 4H

S&P 500, Daily

Disclosure:

Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.