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Elliott wave analysis of S&P 500 for May 21, 2021

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The S&P 500 index has seen a huge impulsive rally since the 2009 low at 673. Can this impulsive rally be sustained? We think not. We are now close to the top of wave 5 which we expect will be seen at 4,444 as the ideal wave 5 target. It is possible that this ideal target will be slightly overshot, but that will not change the overall picture of the S&P 500 rally being relatively close to finishing its long-term impulsive rally from 673.

Looking at the RSI we see a clear loss of upside momentum and negative divergence also pointing towards a possible top soon.

Trading recommendation:

It's time to consider taking profit or at least tighten.

The material has been provided by InstaForex Company - www.instaforex.com