US Stocks Can Be Nearing Temporary Resistance Ahead Of FOMC

close-up photo of monitor displaying graphPhoto by Nicholas Cappello on Unsplash
 US stocks are in massive and impulsive recovery in November, but we can see them approaching an interesting area from a technical point of view and by Elliott wave theory.SP500 came nicely higher for wave »v« of 5, but we should be now aware of a higher degree corrective slow down, especially if breaks EW channel support line. If SP500 will keep grinding higher after the FOMC meeting later today, then wave »v« of 5 of (A) can be still in progress towards 4600 area before we will see a higher degree correction within wave (B).Now that the Nasdaq 100 is back to July highs and 16k area, there’s a chance it’s finishing wave 5 of (5) of a higher degree wave 3, so be aware of a higher degree wave 4 correction soon. More By This Author:KuCoin Is Back To Bullish Trend
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