The S&P 500 (SPX) is currently correcting the strong advance from the 6317 low to the 7620 peak in wave 2. Based on the current Elliott Wave structure, the index appears to be forming a flat correction. Sub-waves ((a)) and ((b)) look complete, and SPX is now progressing lower in the final five-wave decline of wave ((c)). We expect wave ((c)) to extend toward the 7193–6953 area. This zone represents the 100%–161.8% Fibonacci extension of wave ((a)) and could provide an area for the correction to find support and trigger another bounce.
The structure still allows for the possibility of a deeper decline. However, as long as SPX remains above the 6317 low, we expect the pullback to eventually find support. The correction could complete in 3, 7, or 11 swings, depending on how the structure develops.
In the short term, the index remains vulnerable to further downside. Over the next 24 hours, we expect SPX to continue lower while staying below the 7579 invalidation level. The decline may include short-term corrective bounces along the way as wave ((c)) unfolds.
Once the correction completes, the broader bullish structure can resume, provided SPX holds above 6317. Therefore, the 7193–6953 region remains an important area to monitor for signs of support and a potential turn higher.
SPX 60 Min. Elliott Wave Counts
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