S&P 500 IndexLong
$SPX: Likely Higher
Despite being overbought, I think the crowded trade long has further to go.
If we clear all of the clutter illustrated on the chart, I think we work our ways towards the green box. The call outs are mostly calculated areas of resistance and levels to watch.
I think we are in the third wave of a subset and should see a pullback before the target area is hit. Be careful trading around 2131 as its the last remaining line of resistance or in EW speak, pivot.
If we clear all of the clutter illustrated on the chart, I think we work our ways towards the green box. The call outs are mostly calculated areas of resistance and levels to watch.
I think we are in the third wave of a subset and should see a pullback before the target area is hit. Be careful trading around 2131 as its the last remaining line of resistance or in EW speak, pivot.
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