SPX500 (4H): LONG to the 7880.0 resistance area.

The bullish SPX500 scenario remains valid. The current price action suggests that higher-degree wave "1" is still developing, and the final stage of the advance may extend further than previously anticipated.
Following the completion of intermediate wave "4" at 7519.3, price resumed its advance. I now consider intermediate wave "5" to be underway, with a smaller bullish structure developing within it.
My primary scenario favors further upside without an initial pullback to the 7741.2 support area. The smaller wave "3" may still extend, followed by waves "4" and "5" to complete the internal sequence.
My nearest target is the 7880.0 resistance area. This is a potential completion zone for the smaller wave "5", intermediate wave "5", and the entire higher-degree wave "1". A break above the 7819.6 high would be the first milestone on the way to this target.
The alternative scenario allows for a pullback toward the 7741.2 support area before the advance resumes. However, this would require an adjustment to the smaller wave count: with wave "1" labeled as it currently is, the overlap would prevent this pullback from being a standard impulsive wave "4".
The advance could extend beyond 7880.0 if the final wave lengthens. For now, I prefer to focus on the nearest resistance area. Once price reaches it, I will reassess the structure for signs of completion and the potential for a larger correction.
The fundamental backdrop also supports buyers. Gains in major technology stocks, lower oil prices, and expectations for corporate earnings helped US equities advance in the latest completed session. Entry decisions, however, remain dependent on a reliable chart pattern.