HomeContributorsTechnical AnalysisS&P 500 (SPX) Looking to End Diagonal

S&P 500 (SPX) Looking to End Diagonal

Short term Elliott Wave View in S&P 500 (SPX) suggests that cycle from 7.28.2023 high is in progress as a diagonal structure. Down from 7.28.2023 high, wave 1 ended at 4344.75 and rally in wave 2 ended at 4532.26. Index resumes lower in wave 3 towards 4216.45 as the 45 minutes chart below shows. Wave 4 ended at 4393.04 with internal subdivision as a zigzag structure. Up from wave 3, wave ((a)) ended at 4385.85 and pullback in wave ((b)) ended at 4311.97. The Index then extended higher in wave ((c)) towards 4393.04 which completed wave 4.

S&P 500 (SPX) has resumed lower in wave 5. Down from wave 4, wave ((i)) ended at 4329.7 and rally in wave ((ii)) ended at 4346.92. Index is nesting lower with wave (i) of ((iii)) ended at 4290 and wave (ii) ended at 4339.54. The Index continued lower in wave (iii) towards 4230.99 and wave (iv) ended at 4258.67. Final leg wave (v) ended at 4212.5 which completed wave ((iii)). Rally in wave ((iv)) ended at 4259.38. Wave ((v)) is now in progress to end wave 5 of (A) in higher degree. Near term, as far as pivot at 4393.04 stays intact, expect the Index to continue lower.

S&P 500 (SPX) 45 Minutes Elliott Wave Chart

SPX Elliott Wave Video


By loading the video, you agree to YouTube’s privacy policy.
Learn more

Load video

Elliott Wave Forecast
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