A RISING WEDGE is in progress on the 4 hours chart.
61.8% @ 4'718.25 filled early in the morning and since then the SP500 moved in a sideways price action in making
a first before the last ongoing candle.
The recent "corrective" rally failed to recover above the H4 clouds resistance which are slightly above the 61.8% Fib ret previously mentioned.
IMPLICATIONS OF FURTHER DEVELOPMENT ( breakout) :
A) Validation of the by a downside breakout of the 4'690 level on H4 closing basis
Technical target @ 4'587 (roughly the former low and potentially a pattern !)
B) Invalidation of the by an upside breakout of the clouds which would open the door for higher levels towards
the former ATH above 4'800 (potential major strategic !)
Watch shorter intraday time frames to get more clues and validation or invalidation of what has been previously mentioned.
Watch also the daily closing level as the Mid is currently @ 4'707 and a failure to close above that level would also be an additional
warning signal putting the focus again on lower level towards the D1 Kijun-Sen @ 4'665
Ironman8848 & Jean-Pierre Burki
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