? S&P500 Breaks above ABCDE Triangle and 21 EMA Zone ?

2 min read

Hi traders,

The S&P500 is showing a bullish breakout. Price is breaking away from the 21 ema zone which often indicates strong momentum.

S&P500

Week


S&P500 is also showing a bullish HMA and green diamond fractals which all confirm an uptrend. Price also bounced at a very shallow 38.2% Fibonacci level which probably confirms a wave 4.

Day


The daily chart could indicate the end of a triangle chart pattern. Price seems to have completed an ABCDE wave because price has broken above the top of wave B. This could be a new bullish wave 3 but a pullback could occur to the 21 ema zone on the daily chart, which could be an interesting area for entries. Eventually a bullish continuation is expected.

Good trading,
Chris Svorcik
Elite CurrenSea

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