Elliott Wave forecast: SPDR S&P 500 (SPY)’s path to record peaks [Video]
|The Short-Term Elliott Wave analysis for the SPDR S&P 500 ETF (SPY), starting from August 2, indicates an ongoing impulsive rally. From the August 2 low, the ETF surged in wave ((i)) to 647.04, followed by a dip in wave ((ii)) concluding at 634.92. The ETF then climbed in wave ((iii)) to 667.34. A corrective pullback in wave ((iv)) formed a zigzag Elliott Wave pattern. From the wave ((iii)) peak, wave (a) declined to 661.98, wave (b) rallied to 664.65, and wave (c) dropped to 654.42, completing wave ((iv)).
The ETF has since resumed its upward trajectory in wave ((v)), exhibiting an impulsive structure with internal extensions. From the wave ((iv)) low, wave (i) reached 662.37, and a brief pullback in wave (ii) ended at 657.88. The ETF then nested higher, with wave i peaking at 665.8 and wave ii correcting to 660.93. Wave iii ascended to 670.74, followed by a wave iv pullback to 666.78. As long as the pivot low at 654.42 holds, the ETF should continue its upward momentum in the near term.
SPDR S&P 500 ETF (SPY) – 30-minute Elliott Wave technical chart
SPY – Elliott Wave technical [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.