SPX Elliott Wave View: Still Within Wave 3
Revised short term Elliott Wave view in SPX suggests that the rally from 1/23 low is unfolding as a 5 waves Elliott wave impulse structure where Minor wave 1 ended at 2301 and Minor wave 2 ended at 2267.2. The Index has erased momentum divergence at the peak suggesting it is likely still within Minor wave 3 higher. Internals of Minor wave 3 shows an extension and subdivided also as an impulse structure where Minute wave ((i)) ended at 2289.1, Minute wave ((ii)) ended at 2271.6, Minute wave ((iii)) ended at 2368.2 and Minute wave ((iv)) at 2352.9 low. Minute wave ((v)) is currently in progress within Minor wave 3 towards 2408 area, then the Index is expected to see a pullback in Minor wave 4 before turning higher one more time in Minor wave 5. We don't like selling the Index and expect buyers to appear in short term Minor wave 4 dips in the sequence of 3, 7 or 11 swings for another push higher within the cycle from 1/23 lows in wave A higher, provided the pivot at 2267.2 low remains intact.
SPX 1 hour chart
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