S&P 500 Loses $7,500 — Are Bears Taking Control?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500(SPX500) is currently moving near a resistance zone($7,625-$7,524) and seems to have broken the support line and the key trading level of $7,500. From an Elliott Wave perspective, the S&P 500 appears to have completed a Zigzag correction(ABC/5-3-5) over the past month, and we could expect the next wave of decline. Given that Bitcoin(BTCUSDT) has shown a strong correlation with the S&P 500 in recent months, a sudden drop—especially in the S&P 500—could impact crypto markets and lead to a decline in Bitcoin’s price. I expect the S&P 500 to continue its bearish move in the coming hours and test the support zone($7,463-$7,438). If it breaks below, it could drop at least to the next support line. The next key trading level to watch is $7,400. 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: Support zone($7,402-$7,326) Second Target: Support lines Stop Loss(SL): $7,588(Worst) What’s your view on the S&P 500? Will it make new all-time highs again, or should we expect a deeper correction for the index and the U.S. stock market? 💡 Please respect each other's opinions and express agreement or disagreement politely. 📌 S&P 500 Index Analyze (SPX500USD), 4-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.