S&P500 broke to a new all-time highs which has been expected to happen this week based on substructures of an Elliott Wave triangle. We have seen a nice push above 2272 wave D) swing high that confirmed end of a pattern, so ideally market is now underway up to 2300 and then even 2320 area, but only if price stays above 2251. But generally speaking we need to keep in mind that current leg up is most likely a final leg before market makes an important bearish turn.
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Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.
Elliott wave triangle pattern: