On SnP 500 we are tracking an impulsive
rally which is still incomplete as impulses are five wave patterns. Latest
extended move higher, to 1560 appears to be blue wave (iii) which means that
uptrend should resume after a corrective pull-back that could be seen back to
1540 pivot. We are talking about blue wave (iv) that could start soon if we
consider that current rally is facing some important Fibonacci resistance area
around 1560-1570, as well as a head and shoulders measurement. Bearish
divergence on the MACD reading also suggests that top could be near.
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