S&P500
The index closed at a new swing low last week, as the downward trend continued. In such cases, it is appropriate to consider the correction levels of the one-year-long uptrend; based on this, a 50% correction (5,918) would be the minimum expected from the decline. The ideal correction (61.8%) is around 5,625. A new long wave could start above the red trend line, which is not currently the case, but if a very strong breakout occurs, it could naturally bring a correction opportunity sooner. Currently, a long entry is not supported.
Resistance levels: 7,188; 7,500.
Support levels: 6,563; 6,250; 5,937; 5,781; 5,625.
