S&P500 Bullish unless this Support level breaks.

The S&P500 index (SPX) is extending the bullish leg of the 16-month Rising Wedge pattern. It doesn't have much room left before it hits the top (Higher Highs trend-line) of the pattern and as long as this stays intact, it targets 4730 as an end of year target. As you can see, throughout this pattern, its shorter Rising Wedge patterns that have driven the price upwards on the bullish legs, just like the current.

The previous broke to the upside and peaked on the 3.0 Fibonacci extension while the first one failed and when it broke the Support (last Higher Low), it declined to the 0.5 Fibonacci retracement level below the 1D MA50.

As a result, if the Support (4535) fails first, short and target 4370 (0.5 Fibonacci). The 1D MACD is about to complete a Bearish into Bullish Cross pattern, which was favors the bullish scenario.

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