Elliott Wave View: SPX Shows Incomplete Bullish Sequence

Technical analysis of Forex market

Short-term Elliott wave view in S&P 500 (SPX) suggests cycle from July 20, 2021 low remains incomplete favoring more upside. Rally from there is unfolding as a 5 waves impulse Elliott Wave structure. Up from July 20 low, wave 1 ended at 4480.26 and wave 2 pullback ended at 4367.73. Internal subdivision of wave 2 unfolded as a zigzag structure. Down from wave 1, wave ((a)) ended at 4417.83, wave ((b)) ended at 4454.32, and wave ((c)) ended at 4367.73. Index has resumed higher and broken above wave 1, confirming wave 3 is in progress. Up from wave 2, wave ((i)) ended at 4418.61 and pullback in wave ((ii)) ended at 4382.99.

Expect wave ((iii)) to end soon, then the Index should pullback in wave ((iv)) before another leg higher to end wave ((v)) of 3. Then it should pullback again in wave 4 before 1 more push higher to end wave 5 and complete cycle from July 20 low. Near term, as far as pivot at 4368.26 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 123.6% Fibonacci extension from July 20 low which comes at 4616 – 4675.

SPX 30 Minutes Elliott Wave Chart