SPX500: Leading Diagonal Completed - Wave 2 Correction TargetsS&P 500 Index CashFX:SPX500LIVERMORE333SPX500 Updated the wave count after last night's move. From the Mar 11 high (6,996.53) to the Mar 21 low (6,471.50), a clean downward Leading Diagonal has completed perfectly. I'm counting this as major Wave 1. Even if it wiggles a bit in the yellow circle area next week, Wave 2 upward correction is currently in progress. Near-term focus: How far will the retracement go? Main target zone: Fib 0.236 (6,590-6,600) ~ 0.618 (6,790-6,800). Possibly extending to 0.786 (around 6,880) as well. (0.382 around upper 6,670s and 0.5 at 6,734 are also key resistance levels) Bigger picture: Once Wave 2 completes, expect continuation lower in Waves 3-4-5. Invalidation only above 6,971.54. My current position is short with a long hedge. Depending on next week's price action, I plan to either: ① Add to longs while staying hedged, or ② Take profit on the short side. #SPX #SP500 #ElliottWave