S&P 500 Ahead of FOMC — Rally or Reversal Next?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500(SPX500) kicked off the week with a bullish gap($7,482-$7,442) after news of the initial agreement between Iran and the U.S., continuing its upward trend until today. However, we can spot a negative Regular Divergence (RD-) between the S&P’s recent price rise and volume—this means the latest gains didn’t come with strong trading volume, which could be a warning for the S&P and U.S. equities in the days ahead. Also, tomorrow we have the Federal Funds Rate, the FOMC press conference, and the first conference with Kevin Warsh. While rates will likely stay unchanged, the Fed’s tone is expected to be hawkish, which could strengthen the Dollar(DXY) and Gold(XAUUSD), but cause a decline in risk assets like U.S. stocks—including the S&P 500. From an Elliott Wave perspective, the S&P 500’s past 4–5 days of bullish movement may just be a Zigzag Correction(ABC/5-3-5), so we could anticipate the next downward wave. I expect the S&P 500 to drop at least toward $7,517, and if the downside momentum increases, we could break the support zone($7,526-$7,486) and even fill the lower gap($7,482-$7,442). First Target: $7,517 Second Target: $7,491 Third Target: Gap($7,482-$7,442) Stop Loss(SL): $7,626(Worst) What’s your view on the S&P 500? Do you think it’ll hold, or are we looking at further declines? 💡 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.