S&P 500 Outlook: More Upside Looms
Gregor Horvat | Oct 26, 2021 04:34AM ET
US markets are back at all-time highs, with S&P 500 futures acting impulsively because of a sharp and extended structure.
We can expect even more upside after the next retracement, which will come after the fourth wave. Support lies near 4524.
As expected, the S&P 500 trades higher in the 4-hour chart, and it looks like a new bullish five-wave impulse could form, leading the indice back to all-time highs after a broken base channel in wave three.
There could be more upside after pullbacks while the market is above 4429. Support is at 4523, followed by another at 4484.
If the market comes back below wave one, then this would lead to a significant triangle correction.
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