Elliott Wave perspective: S&P 500 (SPX) impulsive rally from March 2026 low nears end

The S&P 500 Index (SPX) ended its correction from the April 2025 low at 6319.68, which we identify as wave (2). From that level, the Index advanced in wave (3) and broke to a new all‑time high. This confirmed the start of the next bullish leg and established a bullish sequence from the April 2025 low. The 100% Fibonacci extension target for wave (3) is projected at 8476.

Wave (3) is unfolding as an impulsive Elliott Wave structure, with wave 1 of (3) approaching completion. From the wave (2) low, wave ((i)) advanced to 6609.67. A corrective pullback in wave ((ii)) followed, ending at 6474.94. The Index then rallied in wave ((iii)) toward 7147.52. A modest retracement in wave ((iv)) concluded at 7046.55. The final leg, wave ((v)) of 1, should end soon, completing the cycle from the March 31, 2026 low. Afterward, the Index will enter wave 2, correcting the cycle from the March 31 low, before resuming its broader rally.

S&P 500 (SPX) 60-Minute Elliott Wave chart

In the near term, as long as the pivot at 6319.68 remains intact, pullbacks should find support within a three‑ or seven‑swing sequence. This reinforces the bullish outlook and suggests further upside potential as the larger trend continues to progress.

SPX Elliott Wave video