Hellena | SPX500 (4H): Correction to the 7317.5 support area.US SPX 500OANDA:SPX500USDHellena_TradeWe have not updated the S&P 500 idea for quite some time, and now it is a good moment to return to this structure. In the bigger picture, the scenario has not changed: I still see the development of the larger red wave "3". However, there is an important detail inside this larger wave "3". Previously, we assumed that the medium-degree wave "2" might have already been completed, but the price did not immediately develop a strong bullish continuation. That is why I now believe wave "2" is still unfolding. On the chart, we have the wave "1" high around the 7621.5 area and the smaller wave "A" low around the 7228.7 area. Judging by the current structure, the market may now be forming the smaller wave "C" inside the medium-degree wave "2". The nearest important area for me is the 7317.5 level. If the price reaches and breaks this zone, it would suggest that the downside movement within wave "2" is still continuing. In that case, the next logical area to watch would be the wave "A" low around 7228.7. At the same time, I do not want to look too far ahead too early. For now, it makes more sense to focus on the nearest target — the 7317.5 area. After the price reacts there, we will be able to reassess whether wave "C" can develop deeper and whether the market can update the wave "A" low. From the news side, the background is not completely calm for equities. After a strong rally, the S&P 500 remains sensitive to Fed rate expectations, inflation data, and the cost of borrowed capital. That is why a technical correction within the medium-degree wave "2" fits the current picture well: the broader bullish scenario may still remain valid, but the market may need a deeper correction before the next bullish continuation. Manage your capital properly and wisely! Enter trades only based on reliable patterns!