If the S&P 500 breaks out, expect the benchmark index to top 3,000 quickly

As the U.S. stock market struck our next resistance region at 2,915 points on the S&P 500 Index and has now fallen, the question this week is if this will turn into a c-wave according to Elliott Wave theory, or if the market can still maintain support and break out through that resistance.

The market is not terribly complex at this time. And I think that if you look at the attached five-minute chart, it presents a clear picture of how this week in the market could progress.

In simple terms, as long as the S&P 500 SPX, +0.01% is unable to break below support between 2,865 and 2,885, and now breaks out over 2,915, it opens the door for a rally to 3,011-3,045, as highlighted in yellow.

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