Short term Elliott wave view in SPX suggests that the rally from 1/23 low is unfolding as a 5 waves Elliott wave impulse structure where Minor wave 1 ended at 2301, Minor wave 2 ended at 2267.2, and Minor wave 3 remains in progress but close to ending. Internal of Minor wave 3 shows an extension and subdivided also as an impulse structure where Minute wave ((i)) ended at 2289.1, Minute wave ((ii)) ended at 2271.6, Minute wave ((iii)) ended at 2368.2 and Minute wave ((iv)) ended at 2352.6. Index has broken above the previous peak at 2368.2 suggesting Index is likely already in wave ((v)) of 3 towards minimum extension area of inverse 123.6-161.8% fib ext area of proposed wave ((iv)) at 2372-2378. Once wave 3 is complete, index should do a 3 waves pullback to correct the cycle from 2267.2 in Minor wave 4 before the rally resumes in Minor wave 5. We don't like selling the Index and expect buyers to appear again after Minor wave 4 pullback is complete in 3, 7, or 11 swing.
SPX 1 hour chart
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