S&P 500 index Near Channel Break ā Momentum Is BuildingUS SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500 index(SPX500) began to rise after news that a ceasefire between Iran and the United States was likely in the coming days, and Trump's statement that the war would end in three weeks created a wave of optimism among investors. The S&P 500 index seems to have managed to break through the resistance zone($6,580-$6,490), and we should wait for the upper line of the descending channel to break. In terms of Elliott Wave theory, the S&P 500 index seems to have completed the Double Three Correction pattern(WXY) inside the descending channel. I expect the S&P 500 index to continue its upward trend in the coming hours and break the upper line of the descending channel. Trump's speech in the coming hours could also have a great impact on the trend of this index. First Target: $6,687 Second Target: $6,781 Stop Loss(SL): $6,487(Worst) Points may shift as the market evolves What do you think about the S&P 500 index and the U.S. stock market? Note: Since Bitcoin has a high correlation with the S&P 500 index these days, an increase in this index could lead to a possible increase in Bitcoin(BTCUSDT) in the coming hours. š” Please respect each other's opinions and express agreement or disagreement politely. š S&P 500 Index Analyze (SPX500USD), 4-hour time frame. š Always set a Stop Loss(SL) for every position you open. ā This is just my idea; Iād love to see your thoughts too! š„ If you find it helpful, please BOOST this post and share it with your friends.