S&P500 is trading bullish since November of 2016, when wave II was completed. From there price continued strongly higher into wave III, which is known as the strongest and steepest wave. We see now wave III trading in final stages, specifically in sub-wave 5 which can see limited upside around the Fibonacci ratio of 161.8/261.8 That said, once wave 5 of III unfolds a new three wave reversal into wave IV can follow with a support zone around 2318/2345 level.
S&P500, Daily
