S&P 500 Near a Critical Zone—Will This Support Finally Give Way?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500 index(SPX500) is currently moving within a support zone($7,402-$7,326), attempting to break through this area. Considering today’s U.S. economic data, it seems likely that we might see a break of this support zone($7,402-$7,326). From an Elliott Wave standpoint, the downward waves in the S&P 500 seem to continue. I expect the S&P 500 to break the support zone($7,402-$7,326) in the coming hours and potentially drop at least to the support lines around $4,311. If the downward momentum is stronger, we can expect even lower levels. First Target: $7,411 Second Target: $7,273 Third Target: $7,235 Stop Loss(SL): $7,474(Worst) Note: Since Bitcoin(BTCUSDT) is correlated with this index, a decline in the S&P 500 could also cause declines in cryptocurrency markets, particularly Bitcoin. What’s your view on the S&P 500? Do you think it can break the support zone and fall further, or should we expect a rebound? 💡 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.