SPY pullback likely to find support according to Elliott Wave [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Cycle from 12.23.2022 low is in progress as an impulse Elliott Wave structure. Up from 12.23.2022 low, wave ((i)) ended at 385.71 and pullback in wave ((ii)) ended at 376.42. The ETF extends higher in wave ((iii)) towards 398.78. Internal of wave ((iii)) unfolded as another impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 384.35 and dips in wave (ii) ended at 378.43. The ETF extends higher in wave (iii) towards 393.70, and wave (iv) ended at 385.74. Final leg higher wave (v) ended at 398.78 which completed wave ((iii)). Pullback in wave ((iv)) ended at 392 and final leg higher wave ((v)) ended at 400.23 which completed wave 1.

Wave 2 pullback ended at 387.29 with internal subdivision as a zigzag structure. Down from wave 1, wave ((a)) ended at 396.44 and wave ((b)) ended at 400.12. Final leg lower wave ((c)) ended at 387.29 which completed wave 2. Wave 3 has resumed higher as another impulse structure. Up from wave 2, wave (i) ended at 391.08 and wave (ii) ended at 388.36. Wave (iii) ended at 396.29, wave (iv) ended at 395.16, and final leg wave (v) ended at 402.64 which completed wave ((i)). Pullback in wave ((ii)) is now unfolding as a zigzag structure. Down from wave ((i)), wave (a) ended at 397.64 and wave (b) ended at 401.81. Expect wave (c) to find support in 3, 7, or 11 swing against 387.29 for further upside.

SPY 1 hour Elliott Wave chart

SPY Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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