Yesterday, the S&P 500 managed to notch modest gains once again. In line with our primary scenario, the ongoing magenta wave (B) is likely to continue climbing toward resistance at 6,675 points. Once this corrective upswing reaches its peak—still below that level—we anticipate a pullback as part of wave (C), which should drive the index below support at 5,127 points. Beneath this threshold, our green long Target Zone spans from 4,988 to 4,763 points. We expect the low of wave (C) and the conclusion of the broader green wave [4] to occur within this range. From there, a sustained rally is expected to unfold in wave [5], which should lift the index above resistance at 6,675 points and complete the cyclical blue wave (III). As a result, this price range can be considered for long entries. The alternative scenario, which calls for a direct breakout above the 6,675-point level without a prior pullback, remains in play with a 40% probability.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.