As I’ve said before, the 
SPX500 is a key reference for my crypto trading. That’s why I sat down and took a closer look at the chart – and I’m now ready to place a limit order, based on what I’m seeing.
I believe we’re still in a correction phase, and it’s far from over. However, I think it’s realistic that we’ll see a move toward $5,832 next week. Before that happens, I expect either today’s Monday Low or next week’s Previous Weekly Low to get swept, ideally triggering a dip into the 12-hour Fair Value Gap just below.
That’s where I see my entry zone forming. It’s also the exact area where Wave B overshoots the starting point of Wave ABC, making it a clean Flat correction pattern, with Wave C completing to the downside before we get a solid move upward.
I’m setting my stop-loss below the $5,500 low. If this setup plays out, I expect the S&P to push toward $5,832, and after that, I’m anticipating a larger correction that could take the index back down to $5,500 or even $5,450 over the coming weeks.
Timing remains unclear for that move after, but the structure is here, and I’m looking forward to seeing how it plays out.
SPX500 is a key reference for my crypto trading. That’s why I sat down and took a closer look at the chart – and I’m now ready to place a limit order, based on what I’m seeing.I believe we’re still in a correction phase, and it’s far from over. However, I think it’s realistic that we’ll see a move toward $5,832 next week. Before that happens, I expect either today’s Monday Low or next week’s Previous Weekly Low to get swept, ideally triggering a dip into the 12-hour Fair Value Gap just below.
That’s where I see my entry zone forming. It’s also the exact area where Wave B overshoots the starting point of Wave ABC, making it a clean Flat correction pattern, with Wave C completing to the downside before we get a solid move upward.
I’m setting my stop-loss below the $5,500 low. If this setup plays out, I expect the S&P to push toward $5,832, and after that, I’m anticipating a larger correction that could take the index back down to $5,500 or even $5,450 over the coming weeks.
Timing remains unclear for that move after, but the structure is here, and I’m looking forward to seeing how it plays out.
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S&P 500: Quick Update – Adjusting My Limit Order
Just a small update on my S&P 500 limit order: I’m making a slight adjustment.
Last Friday, we saw a strong push above the Previous Weekly High (PWH), which for me invalidates the idea that we’ll drop below the Previous Weekly Low (PWL). From here on, I don’t expect price to sweep that low anymore.
I’ve also modified the structure slightly—it’s not the cleanest, but I still believe we’re in a wxy correction moving toward Wave (a).
The target remains unchanged at 5,832, but I’ve moved the entry up slightly, and my stop-loss now sits just below the PWL to reflect the structural shift.
That’s the only update. The scenario is intact—now I let the setup play out or remove it if I get an invalidation alert.
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🏆 FREE Telegram - t.me/stromm_trading
⚡ Join me when you're ready – over 550 are already there.
⚡ Join me when you're ready – over 550 are already there.
Related publications
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.