S&P500: Rising Wedge targeting 6,000 short term.

2 days ago

S&P500 is bullish on its 1D technical outlook (RSI = 62.812, MACD = 16.490, ADX = 32.155) as it maintains the Rising Wedge pattern that started on August 5th. The critical formation though is on the 1H timeframe and it is the Golden Cross that was just completed. All three Golden Crosses inside the Rising Wedge saw significant gains after they were formed. In fact they posted rallies far greater than the push prior to the Golden Cross, which means that we can currently see a move the will break above the Rising Wedge. Until then though, we have to follow the strict levels that this pattern provides us and on the short term we are targeting the top of the pattern and 2.0 Fibonacci extension (TP = 6,000).

See how our prior idea has worked out:

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