Elliott Wave view: Five waves rally in S&P 500 suggests further upside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave view in SP500 (SPX) suggest that rally from 6.17.2022 low is unfolding as a zig zag Elliott Wave structure. Up from 6.17.2022 low, wave 1 ended at 3925.73 and dips in wave 2 ended at 3723.21. Internal of wave 2 unfolded as a zigzag structure in lesser degree. Wave ((a)) ended at 3746.62, wave ((b)) ended at 3918.77 and wave ((c)) lower ended at 3723.21. This completed wave 2 in higher degree.

Up from wave 2, wave ((i)) ended at 3895.99 and dips in wave ((ii)) ended at 3818.14. Index extends higher in wave ((iii)) towards 3973.83, wave ((iv)) ended at 3929.53, and final leg higher wave ((v)) ended at 4002.94 which completed wave 3. Pullback in wave 4 ended at 3909.90 as zig zag correction. Wave 5 higher is in progress as a diagonal. Wave ((i)) of 5 is near complete and the index should continue moving sideways and higher to end wave 5 and the first leg wave (A) of the zig zag structure. After wave (A) ends, pair should see a pullback in 3, 7 or 11 swings within wave (B). As this correction stays above 3637.41 level, we are expecting more upside in wave (C) as an impulse structure.

SPX 60 minutes Elliott Wave chart

SPX Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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