S&P 500 (SPX) impulsive rally in progress [Video]
|S&P 500 (SPX) rally from 10.27.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 10.27.2023 low, wave ((i)) ended at 4381.15. Wave ((ii)) ended at 4343.86 as the 1 hour chart below shows as expanded flat. The Index then resumes higher in wave ((iii)). Up from wave ((ii)), wave i ended at 4418.03 and pullback in wave ii ended at 4399.62. Index then resumed higher in wave iii towards 4573.75 and pullback in wave iv ended at 4537.24. Final leg wave v ended at 4599.39 and this completed wave (i).
Pullback in wave (ii) unfolded as a zigzag structure. Down from wave (i), wave a ended at 4546.72 and rally in wave b ended at 4578.42. Wave c lower ended at 4546.5 which completed wave (ii) in higher degree. Index then resumes higher in wave (iii). Up from wave (ii), wave i ended at 4603.2 and pullback in wave ii ended at 4577.96. Index resumes higher in wave iii towards 4734.87 and pullback in wave iv ended at 4694.34. Expect the Index to extend higher in wave v to end wave (iii), then it should pullback in wave (iv) before the next leg higher again. Near term, as far as pivot at 4343.86 low stays intact, 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
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