S&P 500: Looking For The Top
Gregor Horvat | Sep 16, 2021 07:59AM ET
From a simple price and trend perspective, the S&P 500 remains in a bullish trend, but it's slowing down as we see a potential ending diagonal pattern. For now, drop is not in five waves yet and also trendline from 4242 still holds, thus the current weakness can be wave 4. The nice support zone is around 4380-4430.
The invalidation level of a bull trend is at 4351; a drop below here will likely mean that the index is headed lower for a deeper retracement of a higher degree wave four visible on a daily chart.h2 S&P 500 4h Elliott Wave Analysis Chart
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