SPX Short Term Elliott Wave view suggests that Index is rallying as 5 waves impulse Elliott Wave structure from 12/2/2017 low. Up from 12/2/2017 low (2605.52), 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 2768.87. Index has since broken above Minute wave ((iii)) at 2807.54 suggesting that Minute wave ((v)) higher has started.
Near term, rally from Minute wave ((iv)) at 2678.87 is unfolding as 5 waves impulse where Minutte wave (i) ended at 2807.04. Minute wave (ii) pullback is in progress towards 2781.8 – 2790.94 and while dips stay above Minute wave ((iv)) at 2768.87, expect Index to extend higher within Minute wave ((v)) before ending the 5 waves rally from 12/12/2017 low. We do not like selling the Index.
SPX 1 Hour Elliott Wave Chart