S&P 500 is trading quite choppy, slow and overlapping so we assume that price is still in a triangle correction that started at the beginning of May. Anyway we think that price is now in wave D, that seems to be near completion and that wave E may start to unfold in the next few session, meaning that price would need to rebound higher, ideally to around 2062 region, where Fibonnaci ratio of 61.8 could react as a resistance and a turning point lower.
Invalidation level is at 2079, as long as price trades beneath this level, our triangle pattern remains valid.
S&P500, 1H
A Triangle is a common 5 wave pattern labelled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
A triangle correction pattern: