S&P500’s Bullish Island Turns Risky: Elliott Wave Says “Top”US SPX 500OANDA:SPX500USDpejman_zwinThe S&P500 Index(SPX) started to rise and even created a new All-Time High(ATH=$6,428) with the help of the Bullish Long Island Pattern, as I published in my previous idea on May 14, 2025. The S&P500 Index is currently moving near the Potential Reversal Zone(PRZ), upper line of the ascending channel, the Important Resistance line, and the Yearly Resistance(1). In terms of Elliott Wave theory, the S&P500 Index appears to be completing microwave 5 of microwave 5 of the main wave 5. Also, we can see the Regular Divergence(RD-) between Consecutive Peaks. I expect the S&P500 Index to correct at least -4% and fall to the lower line of the ascending channel. First Target: $6,233 Second Target: $6,033 Note: Stop Loss(SL) $6,513 Do you think S&P500 Index can create a new ATH above $6,500!? Please respect each other's ideas and express them politely if you agree or disagree. S&P 500 Index Analyze (SPX500USD), Daily time frame. Be sure to follow the updated ideas. Do not forget to put a Stop loss for your positions (For every position you want to open). Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.