SPX Breaks 6735 — Bull Case Invalidated, Correction Phase Confirmed
$S&P 500(.SPX)$ broke 6735 and closed below the Daily FVG (6749) — invalidating the bull case⚠️
This strongly supports the view that the impulse from the April low is COMPLETE and that a higher-degree correction phase has begun 📉
In the short term, $SPX appears to be forming a fractal 1st wave, which is either complete or nearing completion as price approaches channel and 50DMA support between 6700–6600 🔺
If price rebounds from that support, the 6749-6844 (Daily iFVG) region represents a likely 2nd-wave sell zone, setting up for a 3–4–5 bearish continuation targeting 6550🎯 — a major confluence area defined by the Weekly FVG and the 2021–2025 upper trendline.
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