S&P 500 Pullback Nearing End? Hammer + Elliott Wave Say Rebound!

Apr 10

The S&P 500 Index(SPX500) is one of the most important indexes in the financial market these days, with the cryptocurrency market and especially Bitcoin(BTCUSDT) having a strong correlation with this index.

After Donald Trump suspended tariffs on 90 countries (except China), the S&P 500 Index started to rise and seems to have managed to break through the Resistance zone($5,284-$5,094) and is pulling back to this zone.

One of the signs of a reversal of the S&P 500 Index can be the formation of the Hammer Candlestick Pattern, which announces the end of the pullback.

In terms of Elliott Wave theory, it seems that the S&P 500 Index is completing a corrective wave that could be in the form of a main wave 4 (it is correcting both in time and price).

I expect the S&P 500 Index to resume its upward trend in the coming hours, if nothing special is released, and to reach the Resistance zone($5,680-$5,500) and Yearly Pivot Point. If this happens, today's Bitcoin analysis could also be correct.

Note: In the worst case, if the S&P 500 Index touches $5,050, we should expect a further decline in the S&P 500 Index and Bitcoin.

Do you think the S&P 500 Index will return to an upward trend, or is this increase temporary?

Please respect each other's ideas and express them politely if you agree or disagree.

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

Be sure to follow the updated ideas.

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Apr 11

Trade active

Trade was activate = above Hammer Candlestick Pattern

Apr 22

Trade closed: target reached

First Target Done in this analyze.