As expected, after a five-wave decline from 2848, S&P500 has turned into a correction. Price has already retraced for 38,2% Fibo. retracement which can be enough, but we still think that resistance at previous wave iv) can be achieved, so be aware of a bigger recovery towards 50% – 61,8% Fibo. retracement and 2820-2830 area. However, S&P500 remains bearish as long as it’s trading below 2848 invalidation level.
S&P500, 1h
