In this technical article we’re going to take a quick look at the Elliott Wave charts of SPX published in membership area of the website. As our members know, S&P500 is trading within the cycle from the October 2022 low, which is unfolding as 5 waves structure. We got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast
SPX 1h Elliott Wave Analysis 05.04.2023
SPX is doing wave 4 red pull back. The index is correcting the cycle from the 3837.92 low. Pull back looks incomplete at the moment. It’s still short of equal legs area that comes at 4051.78-3991.85. At that area SPX should ideally find buyers for further rally in wave 5 red or for a 3 waves bounce at least.
SPX 1h Elliott Wave Analysis 05.16.2023
SPX made extension down toward equal legs area as we expected. Buyers appeared at the marked extreme zone and we are getting good reaction from there. As far as 4048.28 low holds, SPX should ideally keep trading higher in wave 5 red targeting 4218.9-4271.7 area.