• SP 500 index rising inside impulse waves (v) and 3
• Likely to rise to resistance level 16000.00
SP 500 index continues to rise inside the accelerated impulse waves (v) and 3, which previously broke through the key resistance level 15200.00 (which stopped the previous minor impulse wave (i) at the start of August, as can be seen from the daily SP 500 index chart below). Both of the active impulse waves (v) and 3 belong to the intermediate upward impulse wave (3) from last March.
Given the predominant uptrend that can be seen on the daily and the weekly charts – SP 500 index can be expected to rise toward the next round resistance level 16000.00 (target price for the completion of the active impulse waves (v) and 3, intersecting with the daily up channel from the start of June).