S&P 500: Updated study from prev one on August2025 - 7000next ?S&P 500SP:SPXTesi_Daniela_RadiceStarting from the study published last August, the long-term technical structure remains largely unchanged. No corrective moves of sufficient magnitude have occurred to suggest a structural shift in market direction from bullish to bearish. Price action continues to respect the primary upward trend, with pullbacks remaining contained within a corrective framework rather than signaling a trend reversal. At this stage, Primary Wave 5 appears to have extended and shifted its potential completion further forward in time. This delay can be interpreted in light of several exogenous factors that have contributed to sustaining the bullish bias: - the most recent interest rate cut, which has eased financial conditions and supported risk assets; - the ongoing global geopolitical landscape, which, despite increasing uncertainty, has not translated into a structural breakdown in equity markets; - and, importantly, the latest liquidity injections in the United States, which have continued to provide support to asset prices and suppress downside volatility. Together, these elements help reinforce the primary trend, even as they increase the complexity and volatility of the medium-term outlook. From a technical and probabilistic standpoint, this environment is consistent with a late-stage impulse phase, where extensions, overlapping dynamics, and higher sensitivity to macro and liquidity-driven signals are common. As always, this reading remains grounded in quantitative and technical analysis, focusing on price behavior, structure, and probabilities rather than macroeconomic forecasts. This is not a financial advice, please make your own research before making any investment decision.