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Elliottwave Forecast

Elliott Wave View: Bullish Sequence Suggests Supported SPX

Elliott Wave View in SPX suggests that the sequence in the index from December 26.2018 low remains incomplete to the upside suggests any dips should remain supported in 3, 7 or 11 swings looking for more upside. Therefore, we don’t prefer selling the index. On the short term chart below, the index is rallying higher in a wave 3 as 5 waves impulsive Elliott Wave structure within the cycle from 10/03/2019 low. Up from there, a rally to 08.29 high ended wave ((i)) as a lesser degree 5 wave structure. Down from there, a decline to 76.31 low ended wave ((ii)) pullback in lesser degree 3 swings.

Above from there, wave ((iii)) also unfolded as 5 waves impulse structure where lesser degree wave (i) ended at 14.57 high. Wave (ii) ended at 91.21 low, wave (iii) ended at 97.70 high, wave (iv) ended at 83.26 low and wave (v) ended at 27.64 high. While wave ((iv)) pullback unfolded as a lesser degree flat structure where wave (a) ended at 13.47 low. Wave (b) ended at 25.16 high and wave (c) ended at 91.72 low. Up from there, wave ((v)) remains in progress looking to extend higher towards minimum extension target i.e inverse 1.236%-161.8% Fibonacci extension area of wave ((iv)) which comes at 38.92-53.86 area to the upside before a pullback in wave 4 could take place. Near-term, while dips remain above 91.72 low expect index to extend higher.

SPX 1 Hour Elliott Wave Chart

SPX 1 Hour Elliott Wave Video

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