Chart of the day

SPX is testing again the top of the rising wedges 5050 level. A rejection here and a break below 5000 again will lead to a downside extension and a test of important 4600 and will mark the end of the fifth wave.

Only in the case of a clear confirmed break above 5050, we can see an immediate upside extension to 5200. As said a break below 5000 will mark the five upside waves finished.

_{Long trades could be opened here only upon a confirmed break above 5050. Short trades have a possible better risk to reward and you can open it up on a break below 5000 or here if you have more risk aversion but with a narrow stop loss just above 5140.}