As we mentioned in our previous posts on SPX, price behavior supported the bullish scenario for a move towards 4,250. Despite the initial rejection at 4,177 and the pull back towards 4,051, bulls are back pushing price to new short-term higher highs. Our Fibonacci extension target of 4,250 remains valid as price continues making higher highs and higher lows. The recent pull back at 4,050 formed a higher low and did unfold to a bigger reversal. Support at 4,050 is key for the near term trend. As long as price holds above this level bulls will remain in control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
Black line – resistance trend line
Red lines- Fibonacci extension targets
As we mentioned in our previous posts on SPX, price behavior supported the bullish scenario for a move towards 4,250. Despite the initial rejection at 4,177 and the pull back towards 4,051, bulls are back pushing price to new short-term higher highs. Our Fibonacci extension target of 4,250 remains valid as price continues making higher highs and higher lows. The recent pull back at 4,050 formed a higher low and did unfold to a bigger reversal. Support at 4,050 is key for the near term trend. As long as price holds above this level bulls will remain in control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
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