S&P 500 Approaching Strong Resistance (Updated on the 1hr)
..Looking at Impulse Elliot wave - as well as a Heavy resistance met in a descending channel on the Daily(Please refer to my earlier post).. I feel like we are nearing the end of a run and entering into a correction. I fully expect us to retest the high of wave 2. As you can see each impulse has been met with roughly a 7% gain. I would expect this last leg up to potentially acquire that aswell before correcting. Thick Aqua line is a heavy resistance in my opinion looking on the weekly and daily timeframe. (updated from previous post on the Daily. This is the 1HR). Best of trading everyone NFA.
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