S&P500 Can it make a 1W MA100 correction?S&P 500 IndexTVC:SPXTradingShotThe S&P500 index (SPX) seems to be technically forming a Peak Pattern similar to the one in February 2020 before the COVID crash. Both in terms of price action and 1W RSI sequence, the two fractals (2024-2026 and 2018 - 2020) exhibit very similar attributes. The pattern that led to those peaks has been a Megaphone. The Lower Lows trend-line first made contact with the 1W MA50 (blue trend-line) and a final one (bottom) on the 1W MA200 (orange trend-line). The total decline on both fractals of the last Bearish Leg was around -20%. Once the Megaphone's Higher Highs trend-line broke, the index made the Top we are currently at. In February 2020 that gave way to a huge collapse due to the COVID quarantines that first hit the 1W MA100 (green trend-line), rebounded for a week and then violently breached below the 1W MA200 even. Of course a black swan even such as the COVID crash can't be predicted but a 1W MA100 test on of course a more controlled correction, would technically be justified as it's been 14 months since the market last tested that key long-term Support. A fair Target for a 1W MA100 contact would be 6600. If the index makes a new High instead now, this case is invalidated. --- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** --- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇