|

Elliott Wave outlook: S&P 500 extends impulsive advance [Video]

The S&P 500 (SPX) continues to push into new all‑time highs, advancing in a clear impulsive structure. The current cycle began from the March 30, 2026 low, where wave 1 concluded at 7147.78. A corrective dip followed, with wave 2 ending at 7046.55. From that point, the Index established a nested sequence higher in wave 3. Within this progression, wave ((i)) terminated at 7517.12, while the subsequent pullback in wave ((ii)) found support at 7336.33.

Momentum has since carried the Index higher in wave ((iii)). From the low of wave ((ii)), wave (i) ended at 7620.90, and the retracement in wave (ii) completed at 7523.58. As long as the pivot at 7336.33 remains intact, near‑term pullbacks are expected to hold support. These corrections should unfold in either three or seven swings before the Index resumes its upward trajectory.

However, risk management remains essential. If the pivot from May 19 at wave ((ii)) fails, the implication is that the cycle from the March 30, 2026 low has concluded. In that scenario, the Index would be positioned to correct a larger degree cycle against the March 30 low. Traders should therefore monitor the key levels closely, as the integrity of the impulsive structure depends on the preservation of these pivots.

S&P 500 60-minute Elliott Wave chart

S&P 500 Elliott Wave [Video]

Youtube preview

Author

Elliott Wave Forecast Team

Elliott Wave Forecast Team

ElliottWave-Forecast.com

More from Elliott Wave Forecast Team
Share:

Editor's Picks

EUR/USD climbs above 1.1600 on US–Iran peace breakthrough

The EUR/USD pair stays firm above 1.1600 in the European session on Monday. The US and Iran have reached a deal to reopen the Strait of Hormuz on Sunday, which underpins risk sentiment, supporting the Euro against the US Dollar. Now, the main focus this week remains on the Fed policy decision due on Wednesday.

GBP/USD: US-Iran reaches deal supporting advance beyond 20-day EMA

The GBP/USD pair trades 0.35% higher to near 1.3460 during the late Asian trading session. The Cable extends its week-long advance as market sentiment improves further, following the announcement that the United States and Iran have reached a deal.

Gold gains momentum as US, Iran announce a peace deal

Gold price rises to a weekly high during the early European trading hours on Monday. The precious metal rebounds after the United States and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.


Bitcoin consolidates gains, Ethereum defends support, XRP nears breakout trigger


Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern. 

President Trump announced that the deal with Iran is complete
President Trump announced that the deal with Iran is complete and he authorises the toll-free opening of the Strait of Hormuz and removal of the US Naval blockade. While the agreement is made, it is expected to be signed on Friday to take effect. The Forex market looks stable and could react slowly to the positivity around the news as Iran still expresses its mistrust on the US.
4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.