S&P500 Rising Wedge break-out imminent.

Last week's (September 02, see chart below) buy signal on the S&P500 index (SPX) hit our 6530 Target, as the price reversed on its 4H MA200, which as we mentioned was the market's medium-term Support:

Right now the index is supported by its 4H MA50 (blue trend-line) and is attempting to break above the top (Higher Highs trend-line) of a Rising Wedge similar to the one at the start of the 4-month Channel Up.

As you can see the symmetry between the two patterns is very high and the June break-out led to a +5.70% rise on the 2.5 Fibonacci extension before the next consolidation. A potential +5.70% rise from he recent 4H MA50 Low would now be at 6720 and that is our short-term Target.

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