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Elliott wave analysis of S&P 500 for July 20, 2021

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The S&P 500 index is testing the uptrend line near 4,249 which needs to break clearly to indicate a long-term top already is in place. As long as this line is able to protect the downside, we should see a final pop to test the long-term target at 4,444 before the long-term top is in place. That said, the major risk is clearly to the downside and stops should be kept tight.

A clear break below 4,249 and more importantly a break below support at 4,140 will confirm that a long-term top is in place for a major correction with the minimum target seen at 2,236 and possibly even lower depending on the degree of top we are going to see.

Trading recommendation:

Keep stops tight and be ready to sell the S&P 500 index fin supports are broken.

The material has been provided by InstaForex Company - www.instaforex.com