S&P 500 Pulls Back From ATH: Is a Deeper Correction Starting?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500(SPX500) has started to decline over the past two days after reaching new All-Time Highs(ATH) and is currently trading near the Resistance Zone. The short-term structure is showing signs of weakening momentum after the recent rally. Can the index resume its bullish trend, or is a deeper correction toward 7,677 beginning? Technical Analysis From an Elliott Wave perspective, the S&P 500 appears to be developing a Triple Three Correction(W-X-Y-X-Z), with Wave X seemingly completed. A Negative Regular Divergence(RD-) is also visible between two Consecutive Peaks, suggesting that bullish momentum may be weakening. 💡 Educational Note: A Negative Regular Divergence(RD-) forms when price creates a higher high while momentum creates a lower high, often warning that the bullish move is losing strength. I expect the S&P 500 to continue its bearish move over the coming hours and decline toward 7,724. If the index breaks below the key trading level of 7,720, the decline could extend toward the next key level of 7,677. Trade Setup First Take Profit(TP): $7,724 Second Take Profit(TP): $7,683 Stop Loss(SL): $7,820 Key Trading Levels: $7,720 _ $7,677_ $7,780 Note: A sudden and sharp decline in the S&P 500 could also put additional pressure on Bitcoin and the broader cryptocurrency market, given the strong correlation between crypto and major U.S. equity indices. Note: Geopolitical tensions in the Middle East are continuing to escalate. Any news or developments related to these tensions could quickly affect the S&P 500 and trigger additional market volatility. Which level do you think the S&P 500 will reach first? 🔴 $7,683 🟢 $7,820 📌 S&P 500 Analysis(SPX), 4-hour time frame. 🛑 Always use proper risk management and set a Stop Loss(SL) for every position. 🚀 If this analysis helps your trading plan, a BOOST would help more traders discover it.