S&P 500 Index Monthly Gann Analysis 06 August 2024

Aug 6S&P 500 hits an high at birthzone and retraces back. Target was around 5560. Earlier it had hit an high at death zone level of 4808 back in Jan 2022. Then it had retraced to the level of 3682 which was the centre of gravity in Oct 2022. This rise was 9 months with where it corrected three minor sections of the price cycle. We saw the top to top movement between the death and birth zone. The level of 5184 is a very important price cycle level. If held as supports then we may see recovery on the index. Drop below this level we may correct further to supports of 4808. So we need to watch it around current price cycle levels.
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