An important peak for U.S. stocks could be in place.
The hourly S&P 500 (SPX) chart courtesy of Trading View updates the action.
The 06/27/25 blog “It’s the Final Countdown!” noted that the SPX could make a new high and possibly peak in the first hour of trading on 06/30/25. The price range for a top was SPX 6,190 to 6,215. The SPX in the first hour of 06/30/25 hit 6,195 then declined, followed by a rise to 6,215.
A peak in the first hour was all that was needed, the subsequent decline and rally changed the very short – term Elliott wave count. The change could be an Elliott wave Ending Diagonal Triangle (EDT).
The 06/26/25 blog “Fibonacci Resistance Zone” illustrated that SPX Minor wave “3” of Intermediate wave (5) peaked on an EDT.
Now it’s possible Minor wave “5” also peaked with an EDT.
The problem with the Minor wave “5” count is that the fifth wave of the EDT may have truncated. This happens when the fifth wave fails to exceed the termination point of the third wave.
Truncated waves are always a problem in Elliott analysis; they can’t be predicted, and they increase the number of alternate wave counts.
If the SPX near – term Elliott wave count is complete at the 07/01/25 peak, it’s a very bearish signal.
We could have clarification on 07/02/25.
Four Dimension Trading 