SPX triangle target 2200 after breakout

Σημασία δεν έχει αν είναι φθηνό….
April 17, 2015
Gold daily analysis
April 21, 2015

S&P has most probably completed another triangle sideways correction on Friday. Wave E of the triangle was completed at 2072 and I expect a new upward move to start this week. Critical support for this scenario is at 2055-60.


SPX daily charts continue to hold above the Ichimoku cloud support and as long as price is above 2055-60 we should expect a breakout above resistance of 2110-2120. Breaking above that resistance will confirm my bullish view for 2200 target.


Long-term trend remains bullish. Short- and medium-term trend will change to bearish if we break below 2050 with possible target of 1970 where I believe support will hold. Worst case scenario is we make now a deep correction towards 1970 but I prefer the bullish scenario where we break above the triangle consolidation we are in.



Thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.