The SPX6900 price plunged 25% in the last week and 5% in the past 24 hours to trade at $0.4597

The SPX6900 price plunged 25% in the last week and 5% in the past 24 hours to trade at $0.4597 as of 12:26 a.m. EST on trading volume that surged 13% to $33.7 million.

The SPX6900 price plunged 24% in the last week and 5% in the past 24 hours to trade at $0.4597 at 12:26 a.m. EST on trading volume that surged 13% to $33.7 million.

SPX6900 Price Analysis: Potential Wave 5 Breakout In Elliott Wave Structure

The SPX price appears to be forming a five-wave Elliott Wave pattern, with the price currently at a critical Wave 4 retracement. If the pattern continues to unfold as expected, a significant Wave 5 rally could be on the horizon.

The 50-day Simple Moving Average (SMA) at $0.8769 and the 200-day SMA at $0.6228 are key resistance levels that need to be reclaimed for a confirmed uptrend, data from GeckoTerminal shows.

Moreover, the Relative Strength Index (RSI) is at 36.52, suggesting that the SPX6900 price is approaching oversold conditions. This level has historically acted as a support zone for price reversals, increasing the probability of an upcoming bullish move.

Given the Elliott Wave structure, the price of SPX is potentially on the verge of Wave 5, which could result in a strong price rally.

Based on past wave extensions, a target above $1.60 – $1.80 is a possibility if bullish momentum returns.

However, if the price of SPX690