S&P 500 at Make-or-Break Level – Bulls’ Last Chance!

Nov 6, 2025

As I expected in the previous idea, the S&P 500 index(SPX) has reached its target.

Given that the S&P 500 index has a strong correlation with other financial markets, especially Bitcoin(BTCUSDT)—sometimes even tracking them candle-by-candle—it's a good idea to pay extra attention to the S&P 500 index these days.

Currently, the S&P 500 index is moving in a Heavy Support zone($6,775_$6,689), although it entered this zone with a lot of downside momentum.

From a classic technical analysis perspective, there's still a chance that the descending broadening wedge pattern will hold. As long as this pattern isn't invalidated, we can still hope for at least a short-term bullish move.

From an Elliott Wave perspective, it seems like the S&P 500 index is completing the microwave 4 of the microwave C of the main wave Y within the descending broadening wedge.

I expect that after the next small dip, the S&P 500 index will start rising again from near the lower boundary of the wedge, the 50_SMA(Daily), and Support lines.

Note: If the S&P 500 index falls below about $6,650, we should expect further downside. So let's keep an eye on that level.

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S&P 500 Index Analyze (SPX500USD), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

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Nov 7, 2025

Trade active

Target Done=>Short Position

The SPX500 index has reacted exactly as expected — it started to decline from the Fibonacci retracement levels and reached its projected target.

Given the presence of a bullish divergence between the two consecutive lows and the overlapping support zones, this area appears to offer a favorable risk-to-reward ratio for a potential long position within the Potential Reversal Zone(PRZ).

However, if these key support levels are broken, we should anticipate a broader market correction — especially across the cryptocurrency market, with Bitcoin likely to follow due to its strong recent correlation with the SPX500.

Nov 7, 2025

Note

Stop Loss is $6,644.7 = For Long position

Nov 7, 2025

Trade closed: stop reached

Stop Loss(SL) of long position touched.

Stop Loss being touched is not good at all for the US stock market, and there is likely to be more decline.