On the S&P500 price broke out of a triangle formation nearly two weeks back which means that index is now in a final leg up within a higher degree wave 3. As such upside can be limited in the near future, once we have five sub-waves up within red wave 5) of 3. We see some nice resistance around the 261.8 Fibonacci ratio, from where market may turn down later this week to start a new corrective pullback of a higher degree wave four.
S&P500, 4H
