SPX Short Term Elliott Wave view suggests that rally from 12/2/2017 low is unfolding as 5 waves impulsive Elliott Wave structure where Minute wave ((i)) ended at 2665.19, Minute wave ((ii)) ended at 2624.75, Minute wave ((iii)) ended at 2807.54, and Minute wave ((iv)) appears complete at 2768.64. Index still needs to break to a new high above Minute wave ((iii)) at 2807.54 to confirm this view. Until then, a double correction in Minute wave ((iv)) still can’t be ruled out. Near term, while dips stay above 2768.64, and more importantly as far as pivot at 12/30/2017 low at 2674.73 stays intact, expect Index to find buyers in any dips in 3, 7, or 11 swing for further extension to the upside. We don’t like selling the Index.
SPX 1 Hour Elliott Wave Chart
