S&P 500: Bulls Remain Fearless But For How Long?
Favio Poci | Oct 15, 2017 08:59AM ET
E-Mini Daily Clean Chart - October 15, 2017
Market is still trading on a stretched Ending Diagonal wave 5 of intermediate wave (3). A strong breakout above 2560 will open up 2590-2600 for another and final melt-up phase. If ES manages to hold below 2560-2558 resistance then we will be expecting some minor pullback (see next chart).
E-Mini 1H Chart - October 15, 2017
In the above 60min chart, we see a contracting price action at the highs or a possible Running Triangle. If that is another smaller degree ED then ES should find top at 2556-2558 this week. Key support to break remains 2538-39.
If the above action is a bullish i-ii setup then we will see a strong breakout above 2562 and a rally towards 2585!
SPX Weekly Chart - October 15, 2017
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