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Short Term Elliott Wave Outlook in SPX Favors More Upside

Rally from 10.13.2022 low in SPX is in progress as a nesting impulse. Up from 10.13.2022 low, wave (1) ended at 4100.51 and dips in wave (2) ended at 3764.49. The Index has resumed higher in wave (3) with subdivision as another impulse in lesser degree. Up from wave (2), wave 1 ended at 4195.44 and pullback in wave 2 ended at 3937.85. The 30 minutes chart below shows the pullback in wave 2. Internal subdivision of wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at where wave ((a)) ended at 4088.39 and wave ((b)) rally ended at 4176.54.

Wave ((c)) lower ended at 3937.85 with internal subdivision as a 5 waves. Down from wave ((b)), wave (i) ended at 4063.18 and rally in wave (ii) ended at 4148.11. Wave (iii) lower ended at 3943.08, rally in wave (iv) ended at 4014.13, and final leg wave (v) ended at 3937.85. This completed wave ((c)) of 2 in higher degree. The Index has turned higher now in wave 3 of (3). Near term, as far as pivot at 3937.85 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

SPX 30 Minutes Hour Elliott Wave Chart

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