SPX Short Term Elliott Wave view suggests that the 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)) ended at 2768.64. Index has broken above Minute wave ((iii)) at 2807.54 which suggests that the next leg higher has started.
Near term, while dips stay above 2768.64, Index has scope to extend higher within Minute wave ((v)) before ending the 5 waves rally from 12/12/2017 low. Potential target for Minute wave ((v)) is equal to Minute wave ((i)) in length, which comes at 2328 – 2843 area. We do not like selling the Index and favor more upside as far as pivot at 2768.64 low stays intact.
