S&P 500 Just Printed a Fake Break _ Now the Real Move May BeginUS SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500 index(SPX500), with the start of the past week and U.S. market opening, initially experienced an upward move but quickly started dropping, forming a fake breakout around the support zone($7,533-$7,487) and resistance lines. It seems this time, it might break the support zone for real. From an Elliott Wave perspective, with this fake breakout above the support zone($7,533-$7,487), we could anticipate the next bearish wave. Considering that the DXY Index(DXY) is in an uptrend, and the U.S. 10-Year Government Bond Yield(US10) also has a bullish outlook, overall the S&P 500 is likely to continue downward. A drop in S&P 500 can also weigh on risk assets like Bitcoin(BTCUSDT) and the crypto market. I expect the S&P 500 index, after breaking the support line, to drop at least to around $4,733 dollars. First Target: $7,433 Second Target: $7,414 Stop Loss(SL): $7,555(Worst) What’s your view on the S&P 500 and the U.S. stock market? 💡 Please respect each other's opinions and express agreement or disagreement politely. 📌 S&P 500 Index Analyze (SPX500USD), 1-hour time frame. 🛑 Always set a Stop Loss(SL) for every position you open. ✅ This is just my idea; I’d love to see your thoughts too! 🔥 If you find it helpful, please BOOST this post and share it with your friends.