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S&P 500 seen targeting 7193 to 6953 in wave C decline
The outlook calls for the move to unfold over the next 24 hours while the index stays below the 7579 invalidation level.
Action Forex says the S&P 500 (SPX) is in a corrective phase after its advance from the 6317 low to the 7620 peak, describing the current pattern as a flat correction in Elliott Wave terms.
The outlet expects the index to keep slipping in the final five wave decline of wave ((c)), with a projected extension zone at 7193 to 6953. It adds that this area corresponds to a 100% to 161.8% Fibonacci extension of wave ((a)) and could act as support that triggers another bounce.
Action Forex also notes that SPX remains vulnerable to further downside in the short term, and it forecasts the index will likely continue lower over the next 24 hours while staying below the 7579 invalidation level.
The analysis says a broader bullish structure could resume once the correction completes, provided SPX holds above the 6317 low, with the correction potentially finishing in 3, 7, or 11 swings as wave ((c)) develops.
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