S&P 500 Index Near Key Resistance – Correction Ahead?Recently, the S&P 500 ( SP:SPX ) has seen some sharp moves with high momentum due to the tariff tensions between the US and China over the past couple of weeks. These moves have also impacted other correlated markets like cryptocurrency .
In the past day, news came out that Trump is planning to meet the Chinese president on October 31st . With markets opening, the S&P 500 started to rise and is currently moving near a Resistance zone($6,734_$6,690) and close to its Resistance lines .
From an Elliott Wave perspective, it seems that the S&P 500 is completing a microwave 5 of the main wave C , and the corrective structure looks like an Regular Flat(ABC/3-3-5) .
I expect that in the coming hours, the S&P 500 index could drop at least to around $6,641(First Target) .
Second Target: $6,611
Stop Loss(SL): $6,735
Note: The $6,641 level is quite important in the context of the recent rally and could act as both support and resistance for the S&P 500.
A possible decline or fall in the S&P 500 index could also cause Bitcoin to decline (due to Bitcoin's high correlation with the S&P 500 index in recent weeks).
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S&P 500 Index Analyze (SPX500USD), 1-hour time frame.
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