SPX500 – 2H: A Leading Diagonal from the Top?

The S&P 500’s 2-hour chart may have just carved a leading diagonal right off the all-time high — a structure often seen at the start of a major new trend.

Each leg fits the contracting wedge geometry:
Wave (1) and (4) overlap, Wave (5) throws slightly under the boundary, and momentum stays fierce through the end — almost too fierce for comfort.

What makes this one interesting is the absence of RSI divergence at the final leg.
That raises the question — is Wave (1) really done, or does it have one last flush before a sharp Wave (2) retracement begins?

For now, watch how price reacts around the 6,760–6,800 zone.
A strong recovery through 0.618–0.786 of the drop would confirm the diagonal and set up a critical test of the broader bearish sequence.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.