SP 500 extends bullish impulse, eyeing 8K area

Gregor Horvat Wavetraders

SP500 is rising sharply and impulsively at the start of August and has decisively broken above its all-time highs. The index appears to be extending its rally within wave 3 of a new five-wave bullish cycle as part of a higher-degree wave (5), which could eventually push the price toward the 8K area.

Currently, SP500 is still unfolding a five-wave bullish impulse within wave 3. Therefore, after the next subwave "iv" pullback, we could see further gains within subwave "v" of 3 toward the 7875 level. Later, we will need to be aware of a higher-degree wave 4 correction, but it should remain within the broader uptrend toward the final higher-degree wave 5 of (5).

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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