$SPX 7,900 Target Remains in Play
My August 5 outlook continues to play out.
$S&P 500(.SPX)$ reached the first target at 7,700, and the broader bullish structure remains intact.
After a period of consolidation, price bounced directly from the Daily FVG, confirming that buyers are still defending the key support zone.
With momentum remaining strong, 7,900 is now the next major target, representing the 50% extension of Wave 3. If momentum continues, a move toward new highs could develop early this week.
However, I’m not chasing price at these levels. The market is already extended after the recent rally, which makes the risk/reward less attractive for fresh longs.
Instead, I’m watching for another pullback into the next bullish Daily FVG. A clean retest followed by a successful hold would provide a much better entry and could create the setup for a more sustained leg higher.
For now, Wave 5 remains in progress, and the bullish structure stays valid as long as key support continues to hold. The main invalidation remains a decisive W5 momentum break.
7,700 has been achieved. 7,900 is next. The setup remains bullish, but patience is key.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
