Thu, Sep 23, 2021 @ 06:56 GMT
HomeContributorsTechnical AnalysisElliott Wave View: SPX All-Time High Imminent

Elliott Wave View: SPX All-Time High Imminent

Elliott Wave View in S&P 500 (SPX) suggests the rally from September 25, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 25, 2020 low, wave (1) ended at 3870.90 and pullback in wave (2) ended at 3694.12. The Index then extends higher in wave (3) towards 4257.16. The 30 minutes chart below shows the rally in this wave (3).

Pullback in wave (4) ended at 4164.90 as a zigzag structure. Down from wave (3), wave A ended at 4202.45, wave B ended at 4238.86, and wave C ended at 4164.90. The Index has turned higher in wave (5). A successful break above wave (3) high at 4257.16 should confirm that the next leg higher has started. Up from wave (4), wave ((i)) ended at 4226.24 and pullback in wave ((ii)) ended at 4217.27. Expect two more highs to end wave ((v)) which should complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from June 19, 2021 low before the rally resumes. As far as June 19 low pivot at 4164.90 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.

S&P 500 30 Minutes 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