S&P 500 looking towards fifth wave targets

Gregor Horvat Wavetraders

The SP500 continues its upward trajectory in the 4-hour chart as anticipated. Identifying a corrective triangle formation in wave (4), we now observe price extending impressively higher for wave (5), with potential reaching up to 5350-5400, where bullish momentum might start to wane. It's crucial to note that moves out of a triangle are often definitive in higher degree sequences, warranting caution for a possible reversal. Should the level at 5238 be breached, a deeper correction could come into play. Additionally, with the end of the month and quarter approaching, alongside Easter holidays, these factors add significance to any potential reversal considerations.

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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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