SPX just crossed the Monthly High, but the structure resembles a bearish WXY correction, and we’re now approaching critical levels.🔍 Key Levels to Watch:
5481–5572: Weekly FVG resistance + 61.8% Fib Extension – potential top of the rally.
5293: The 50% retracement from the Apr 20 low – a break below confirms the bearish WXY and opens the door to new lows.
📌 Scenario Outlook:
✅ Bullish case: Room for upside toward 5685–5750, but only if we close above 5572 Weekly to invalidate the FVG.
⚠️ Bearish case: Current price action aligns with divergence (as seen with DJI) + WXY model. Caution advised — rallies may be fading.
💬 Chart attached shows the WXY structure forming with key divergences.
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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.