More detail on S+P 500 and an important targets to consider as futures all back right now

Now before you do anything else, please note the information about to be shared here is not set in stone and neither is it a direct recommendation. Looking at the longer term chart of the S+P 500 we can see it started this bull cycle from a low at 2,191 back in March 2020. The rise to the top of wave one of that bull cycle move peaked at 4,818 in January, 2022. The subsequent fall that ensued came after war broke out in Ukraine and the index dropped back to a low at 3,491 at the end of October, 2022. So we can assume that low was the end of a corrective wave 2. The rise above 4,818 from there took us to a record high this year (only the other week, on July 16) at 5,669. The slide since then looks like taking the market to a 10% correction which targets a potential fall to 5,102, but it might extend further. So a classic wave 4 correction is typically 38.2% of wave 3 and that would imply a fall back to 4,837 from here. That is not to say we will see such a move, but if we do it will be vital that the index does not fall below the top of wave 1, at 4,818 (or the whole bull cycle could come to an end). So, as you can see, the move in wave 3 extended far enough to allow for a 38.2% correction from the 5,669 high to play out, but without necessarily busting below 4,818. So, there you have it folks- you now have the levels to hand, as to what you do with all that is up to you. The S+P 500 is now priced to open lower than at the time of the previous update, currently at around 5,185