Tue, May 18, 2021 @ 11:10 GMT
Home Contributors Technical Analysis Elliott Wave View: S&P 500 (SPX) Rally Should Resume

Elliott Wave View: S&P 500 (SPX) Rally Should Resume

Short term Elliott wave view in S&P 500 (SPX) suggests the rally from March 5, 2021 low is unfolding as a 5 waves impulsive structure. Up from March 5 low, wave ((i)) ended at 3983.87 and wave ((ii)) pullback ended at 3853.50. Internal of wave ((ii)) unfolded as a double three where wave (w) ended at 3886.75, wave (x) ended at 3955.31, and wave (y) ended at 3853.50.

Index then resumed higher in wave ((iii)) which subdivides into another impulsive structure in lesser degree. Up from wave ((ii)) low, wave (i) ended at 3981.83 and wave (ii) pullback ended at 3944.04. Index resumes higher again in wave (iii) towards 4086.23 and pullback in wave (iv) ended at 4068.14.

Near term, expect wave (v) of ((iii)) to end soon. Index should then pullback in wave ((iv)) to correct cycle from March 25 low before the rally resumes. Wave ((iv)) pullback should ideally reaches 23.6 – 38.2% Fibonacci retracement of wave ((iii)). The pullback area can start to be measured once we know where wave ((iii)) ends. As far as wave ((ii)) pivot at 3853.50 remains intact, expect pullback to continue finding support in 3, 7, or 11 swing for further upside. The right side in the Index remains higher (bullish).

SPX 1 Hour Elliott Wave Chart

Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading