SPX bounced from the support level of 5130 after the steep sell-off and is continuing higher in the fifth wave to target the 5900 extension target and possibly higher in the medium to long term. The instrument is supported for a continuation higher and an invalidation level short-term is now 5200 Learn to Trade Crypto profitably.
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The weekly SPX chart reveals a bounce from the uptrend channel support 513o and a breakout above the 5560 short-term upside resistance. At this point, buy positions have morea higherbability of success as the SPX is still withinecent uptrend. Overall support for the upside even if it breaks below 5560 is 5200 and the final long-term support for a bullish trend invalidation is much lower at 4600 which means that we are in the nice trend bull market. Following the price action we need to see a break above 5700 for a test of 5918.
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As the famous trader says…
“Hope is bogus emotion that only costs you money.”
Jim Cramer
How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 5900 and If we get a confirmed break above this level we could see a strong upside continuation for 6300 in a fifth long-term upside Elliott Wave. Near-term, long-trade entries have a higher probability of success. Long trade entries can be placed here with a stop loss below 5500. The short-trade entry can be tried in the case of a break below 5500 and an SL triggered. For inquiries about account management please write to [email protected].
