Short Term Elliott Wave View in S&P 500 (SPX) suggests the rally from 6.17.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 6.17.2022 low, wave 1 ended at 3925.75 and pullback in wave 2 ended at 3729.97. Up from there, wave 3 is in progress as another 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 4002.86 and dips in wave ((ii)) ended at 3910.74.
The Index extended higher in wave ((iii)) towards 4167.66, and pullback in wave ((iv)) ended at 4111.49. Wave ((v)) is in progress and expected to end soon with 1 more marginal high. This should also complete wave 3 in higher degree. Index should then pullback in wave 4 to correct rally from wave 2 low on July 14. Wave 4 pullback ideally ends around 23.6 – 38.2% Fibonacci retracement of wave 3, and not more than 50% retracement. Afterwards, Index should extend higher 1 more time in wave 5 to complete the impulsive structure from 6.17.2022 low. Near term, as far as pivot at 3729.97 low remains intact, expect dips to find support in 3, 7, 11 swing for further upside.
SPX 45 Minutes Elliott Wave Chart
