SPX Nearing Completion of 5-Wave Advance
$S&P 500(.SPX)$ While both the Daily and Weekly charts still lack the divergences that typically precede a higher-degree correction, the structure now appears to have completed a clear 5-wave advance from the 09/25 low — and potentially from the broader 08/01 low as well.
Given that context, I’m leaning bearish into next week, targeting 6644–6619 as the next key infliction zone.
A close below 6619 would raise the odds that a higher-degree correction is underway. However, that view would gain stronger confirmation with the emergence of a bearish divergence across indices.
If price instead reacts positively within the 6644–6619 zone, a modest new high (into a 6800–6900 extension) could still unfold before a larger reversal develops.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2512(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2512(NQmain)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$
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