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Short term Elliott Wave view in S&P 500 (SPX) suggests that cycle from 4.20.2024 low is in progress as a 5 waves impulse. Up from 4.20.2024 low, wave 1 ended at 5325.49 and pullback in wave 2 ended in a zigzag structure. Down from wave 1, wave ((a)) ended at 5256.93 and wave ((b)) ended at 5311.65. Wave ((c)) lower ended at 5191.68 which completed wave 2 in higher degree. The Index has resumed higher in wave 3. Up from wave 2, wave (i) ended at 5292.25 and pullback in wave (ii) ended at 5234.32. The Index extends higher again from there with wave i ended at 5375.08 and wave ii ended at 5340.51. Wave iii higher ended at 5447.25 and wave iv ended at 5402.51. Final wave v ended at 5499.51 which completed wave (iii) in higher degree. Down from there, wave a ended at 5446.56, and wave b ended at 5521.4. Wave c lower ended at 5447.47 which completed wave (iv) in higher degree. Index is now in the last wave (v) higher to complete wave ((i)) of 3. Up from wave (iv), expect wave i to complete soon. Then it should pullback in wave ii to correct cycle from 7.1.2024 low before it resumes higher again. Near term, as far as pullback stays above 5447.47 low, expect dips to find support in 3, 7, or 11 swing for further upside. S&P 500 (SPX) 60 minutes Elliott Wave chart SPX Elliott Wave [Video]   Source: https://www.fxstreet.com/news/sp-500-spx-bullish-elliott-wave-sequence-remains-in-play-video-202407090305

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Filed under: News - @ July 9, 2024 3:24 am