S&P 500 Weekly Technical AnalysisS&P 500SP:SPXKimYunaJournalMarket Structure Overview On the weekly timeframe, the S&P 500 Index appears to be developing a classic Elliott Wave impulsive structure. Price has already completed: Wave (1) – Initial bullish impulse Wave (2) – Deep corrective retracement Wave (3) – Strong expansion rally reaching new highs Currently, the market is transitioning into a Wave (4) corrective phase, which typically occurs after the strongest impulse wave. The broader trend remains bullish, but short-term price action suggests a healthy correction before the next expansion. Current Technical Structure Wave (3) – Completed Wave (3) formed a strong rally with accelerating momentum and a clear break into new highs. However, price has now started pulling back from this peak, indicating the early phase of Wave (4). Wave (4) – Developing Wave (4) corrections often take the form of: Triangle Flat Zigzag Channel retracement In this chart structure, price is likely moving toward the major ascending trendline support. Momentum & Bias Short-term bias: Bearish corrective Mid-term bias: Bullish continuation Market structure: Healthy correction within a macro uptrend The correction phase can take several weeks to months on the weekly timeframe.