Revised 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 and Minor wave 2 ended at 2267.2. The Index has erased momentum divergence at the peak suggesting it is likely still within Minor wave 3 higher. Internals 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 2400.98 and Minute wave ((iv)) is in progress and may reach as low as 2366 – 2371 area before Index turns higher to complete Minute wave ((v)) within Minor wave 3 towards 2408 area. Afterwards, Index is expected to see a pullback in Minor wave 4 before turning higher one more time in Minor wave 5 and end cycle from 1/23 low. We don't like selling the Index and expect dips to find buyers in the sequence of 3, 7 or 11 swings for another push higher within the cycle from 1/23 lows in wave A higher.
SPX 1 hour chart
Elliott Wave Degree
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.
