The (S&P 500 (SP index is currently at the peak of an ascending wedge pattern on the daily frame, which is one of the reversal patterns that usually precede strong corrective movements if the price fails to break through the pivot level now at 6485, which is the top of the wedge and the highest current historical peak.
Multi-School Technical Analysis
Price Action
The recent price movement shows a strong upward wave but with momentum that has begun to slow near resistance, with candles showing upper shadows reflecting some profit-taking.
Elliott Wave
We are currently in the fifth upward wave on the daily, increasing the likelihood of entering a corrective wave (A-B-C) if the lower bound of the wedge is broken.
Fibonacci:
The 161.8 extension of the previous wave intersects with the area of 6480 - 6500, making it a technically double resistance area.
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