S&P 500 at All-Time High ā Is a Major Correction Next?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500(SPX500) is currently trading near its All-Time High(ATH=$7,625) and continues to move within a resistance zone($7,625-$7,524). From a classical technical analysis perspective, the S&P 500 appears to be forming a Rising Wedge pattern, which is generally considered a potential reversal pattern. From an Elliott Wave perspective, it also appears that the S&P 500 has completed Wave C, resulting in a Zigzag corrective(ABC/5-3-5). Also, we can see negative Regular Divergence(RD-) between consecutive peaks. Additionally, on the 4-hour timeframe, with about one hour remaining before the candle closes, a Shooting Star pattern appears to be forming, which could be another signal of a potential reversal in the S&P 500 Index. I expect the S&P 500 to decline, with an initial target of around $7,515. If this key support level is broken, we could see a much deeper correction in the index. First Target: $7,515 Second Target: $7,476 Stop Loss(SL): $7,626 Note: If the S&P 500 begins to decline with strong bearish momentum, it could have a rapid and direct impact on the cryptocurrency market, especially Bitcoin(BTCUSDT). What do you think? Is the S&P 500 likely to make new all-time highs, or should we expect a broader correction in the U.S. stock market, particularly in the S&P 500? 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.