US500 index is trading in an upward trend. However looking at the H1 interval, the price entered a local consolidation recently. This consolidation formed the shape of a triangle. Currently, the upper limit of the formation is being tested, and if the price breaks out above the 5995 point zone, the way to higher levels will be opened. Then the external Fibonacci measures 127.2% and 161.8% should be considered as target levels. On the other hand, in case of downward movement, the average EMA100 and the lower limit of the triangle formation should act as supports.
US500 H1 interval. Source: xStation5
