S&P 500 Rally Exhausted? Watch This Level for the Next Drop!

Apr 25

The S&P 500 Index(SPX) has finally touched the Resistance zone($5,680-$5,500) as I expected in my previous post.

The S&P 500 Index is moving near the Resistance zone($5,680-$5,500), the Resistance line, and Yearly Pivot Point.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

In terms of Elliott Wave theory, it seems that the S&P 500 Index is completing the Zigzag Correction(ABC/5-3-5), and if the uptrend line breaks, we can confirm the end of the Zigzag correction.

When the S&P 500 Index started to rise on April 22, Bitcoin also started to rise at the same time, so a decline in the S&P 500 Index can cause Bitcoin(BTCUSDT) to decline.

I expect the S&P 500 Index to drop to at least $5,313 AFTER breaking the uptrend line.

Note: If the S&P 500 Index touches $5,712, we can expect more pumps.

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

S&P 500 Index Analyze (SPX500USD),2-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).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

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Apr 28

Trade active

My position was activated = Seems like a good Risk-To-Reward value.

May 6

Note

Still Running, S&P 500 Index did not touch our Stop Loss(SL)=$5,712