S&P 500 – How high can this rising wedge go? for CURRENCYCOM:US500 by Dr_Roboto — TradingView

S&P still rallying hard into Tuesday evening. It is approaching the flat top of a ascending triangle , which can either be a reversal pattern or a continuation pattern. What it is important to watch is that 1.2 fib level. In Elliott wave theory, a corrective wave can have a maximum of a 1.2 extension off the motive wave’s peak and subsequent bottom. Assuming Sept high was the end (big assumption), then S&P is right around that value now. Also note, if for some reason we are in a larger corrective wave with Feb high the end of the motive wave and March the bottom, then the 1.2 fib extension almost perfectly aligns.