π $S&P 500(.SPX)$ is pushing into ATH territory, but Iβm still not chasing this rally.
The C-wave extended further than expected, and price has now reached the last Daily FVG resistance zone. That puts the market at an important inflection point. β οΈ
π The structure matters
We now have:
5-wave decline β 3-wave rally β Daily FVG resistance
That sequence is keeping me cautious.
The rebound has been strong, but from a wave-structure perspective, I still view it as corrective rather than the beginning of a fresh impulsive advance.
π― What Iβm watching next
There are two main scenarios:
π’ Shallow pullback
If buyers keep control and the pullback stays shallow, $SPX could print new highs first before the larger decline develops.
π΄ Sharp selloff
If we see an aggressive rejection from the current resistance zone, the setup becomes much more interesting.
That would raise the possibility of a bull trap forming near the highs.
Iβm not trying to predict the exact top.
The key is how price reacts after reaching this resistance.
New highs + shallow pullback β watch the structure.
Sharp rejection β bull trap risk increases.
Either way, my broader view remains unchanged:
π This rally still looks corrective to me.
So while $SPX can absolutely push higher from here, Iβm not chasing into resistance. Patience matters more than catching the final few points of a C-wave. ππ§
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