US500 morning analysis
Technical analysis of US500.
The key support in this analysis is 5088.9, the 5 August 2024 low.
For the median (red) line of the pitchfork to be tagged, wave ((5)) will need to be expanded; therefore, price would now be in wave (2) of ((5)), with fib support, pitchfork support, and potential buying area in the 5300-5500 range.
The bearish case would have the top being in, and if this occurs, pitchfork support then price support will fall in an impulsive manner, with bearish targets below October 2022 low.
The key support in this analysis is 5088.9, the 5 August 2024 low.
For the median (red) line of the pitchfork to be tagged, wave ((5)) will need to be expanded; therefore, price would now be in wave (2) of ((5)), with fib support, pitchfork support, and potential buying area in the 5300-5500 range.
The bearish case would have the top being in, and if this occurs, pitchfork support then price support will fall in an impulsive manner, with bearish targets below October 2022 low.
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