Elliott Wave View: S&P 500 (SPX) 5 Waves rally favors the bulls [Video]
|The short-term Elliott wave view in S&P500 (SPX) shows that we are looking for more upside to complete a 5 waves impulse structure, before see at least 3 swings pullback. The impulse move started from 4219 low to end wave ((i)) at 4453. A pullback in wave ((ii)) ended at 4292 low. SPX then resumes higher in wave ((iii)) with internal subdivision as another impulse in a lesser degree. Up from wave ((ii)), wave (i) ended at 4387, dips in wave (ii) ended at 4332, wave (iii) rallied to 4525 and a pullback appeared as wave (iv) ended at 4483. The last push higher to finish wave (v) ended at 4595. This completed wave ((iii)) in a higher degree.
Wave ((iv)) pullback ended at 4451. This level entered into the territory of wave ((i)) high which suggested a leading diagonal structure. Then the rally continued and we expect 5 waves up to finish wave ((v)) and wave 1. We could see already 3 waves up from wave ((iv)) low and we need 2 more waves complete the leading diagonal. The possible place to end this wave 1 comes in 4629 – 4684 area where we could find profit taking to begin a correction in 3, 7, or 11 swings. The view is valid as long as we stay above 4219.
S&P500 (SPX) 1 Hour Elliott Wave Chart
S&P500 (SPX) Elliott Wave Video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.