Short Term Elliott Wave suggests rally from January 29, 2021 low in SPX is unfolding as a 5 waves diagonal Elliott Wave structure. Up from January 29 low, wave 1 ended at 3950.43 and pullback in wave 2 ended at 3723.34. Up from wave 2 low, wave ((i)) ended at 3881.06 and pullback in wave ((ii)) ended at 3819.25. Index then resumed higher in wave ((iii)) towards 3981.04 and pullback in wave ((iv)) ended at 3935.74. The final leg higher in wave ((v)) of 3 ended at 3983.87.
Pullback in wave 4 ended at 3853.72. The internal of wave 4 unfolded as a double three. Wave ((w)) of 4 ended at 3886.75, wave ((x)) of 4 ended at 3955.31, and wave ((y)) of 4 ended at 3853.72. Index has turned higher in wave 5. Up from wave 4 low, wave (i) ended at 3944.39 and wave (ii) dips ended at 3917.63. Wave (iii) ended at 3978.19 and pullback in wave (iv) ended at 3943.25. Expect Index to extend higher in wave (v) before ending wave ((i)). Index should then pullback in wave ((ii)) to correct cycle from March 25 low before the rally resumes. As far as pivot at 3853.5 low stays intact, expect dips to find support in 3, 7, or 11 swing before the rally resumes.
SPX 60 Minutes Elliott Wave Chart
