General overview for 14/11/2016:
On the broad market index SP500 second wave correction ended at 2,027 points, thereby giving impetus for further growth. The first wave of growth, marked in green, has been completed and now the market is in a correction phase of internal wave 2. The target level for this correction is this gap with the level of 2101 points, which is also the 50% Fibo retracement. After this adjustment further increases are expected. Cancellation of this scenario wave can occur only after level of technical support at 1,981 is clearly violated.
2191 – All Time High
2172 – Local Resistance
2147 – Local Support
2133 – Weekly Pivot
2093 – 2101 – Projected Target Level fo Wave 2
As long as the market stays above the level of 1981 (invalidation level), the trend is still up and long positions are preferred until proven otherwise*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.