S&P 500 | Elliott Wave UpdateUS 500CAPITALCOM:SPX500COLOMBINI-TRADING**S&P 500 | Elliott Wave Update** The market continues to respect the bullish Elliott Wave structure, and for now there is no technical evidence that the larger impulsive trend has ended. My preferred interpretation remains that the rally from the May 20th low is unfolding as a developing **Wave (5)** of a higher-degree impulse. However, the more interesting aspect of the chart is the alternate scenario. 🔍 **Alternative Count: Wave 3 Still in Progress** Under this interpretation, the market has not yet completed the primary Wave 3 advance. Instead: * Wave 1 completed near 7,445 * Wave 2 corrected into the May 20th low * Wave 3 is extending higher * Wave 4 completed during the May 28th pullback * Current price action is unfolding within Wave 5 of Wave 3 If this count is correct, the implications are significantly bullish because the current advance would only complete a subdivision of Wave 3 rather than the entire impulse sequence. 📈 **Key Resistance Levels** 1.382 Extension: **7,585** 1.618 Extension: **7,628** The market is currently trading between these two Fibonacci targets, which is exactly where an extended third wave would be expected to encounter resistance. 📊 **What I Am Watching** Bullish Scenario: ✅ Hold above 7,585 ✅ Break above 7,628 ✅ Acceleration in momentum This would support the view that Wave 3 is still extending and that higher targets remain achievable. Bearish Scenario: ⚠️ Failure at the 1.618 extension ⚠️ Break below the lower channel boundary ⚠️ Loss of the 50 EMA This would increase the probability that a larger corrective Wave 4 is beginning. For now, trend structure remains intact: * Higher highs * Higher lows * Price above key moving averages * No confirmed impulsive bearish sequence Until proven otherwise, the path of least resistance remains higher. *Elliott Wave analysis is a framework, not a prediction. Always wait for price confirmation.* #ElliottWave #SP500 #SPX #Trading #TechnicalAnalysis #MarketAnalysis #PriceAction #WaveAnalysis #TradingView