S&P 500 Elliott Wave Analysis Flags Large Decline Ahead
An Elliott Wave and market breadth analysis from June 3 suggests the S&P 500 is poised for a major downturn, citing bearish signals despite the index trading near 7,570 at the time.
According to a recent analysis applying the Elliott Wave Principle alongside market breadth indicators, the S&P 500 (SPX) is at risk of a significant decline. The study, published when SPX was around 7,570 on June 3, concluded that the weight of evidence points toward a large-degree bearish reversal.
The analysis highlights that the combination of Wave structure and breadth divergences often precedes major turning points. No specific price targets or timelines were provided, but the outlook remains bearish based on the presented framework.
Source: FXStreet Forex News