Elliott Wave View: $SPX (S&P 500) 5 waves rally looks incomplete [Video]
|Short Term Elliott Wave View in S&P 500 (SPX) suggests the rally from 6.17.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 6.17.2022 low, wave 1 ended at 3925.75 and pullback in wave 2 ended at 3729.97. Up from there, wave 3 is in progress as another 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 4002.86 and dips in wave ((ii)) ended at 3910.74.
The Index extended higher in wave ((iii)) towards 4167.66, and pullback in wave ((iv)) ended at 4111.49. Wave ((v)) is in progress and expected to end soon with 1 more marginal high. This should also complete wave 3 in higher degree. Index should then pullback in wave 4 to correct rally from wave 2 low on July 14. Wave 4 pullback ideally ends around 23.6 – 38.2% Fibonacci retracement of wave 3, and not more than 50% retracement. Afterwards, Index should extend higher 1 more time in wave 5 to complete the impulsive structure from 6.17.2022 low. Near term, as far as pivot at 3729.97 low remains intact, expect dips to find support in 3, 7, 11 swing for further upside.
SPX 45 Minutes Elliott Wave Chart
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.