SPX (S&P 500) Wave 5 in progress [Video]
The short-term view of the Elliott Wave in SPX suggests that the rally from the January 29, 2021 low is taking place in the form of a 5-wave Elliott Wave structure. Up from the January 29 low, Wave 1 ended at 3,950.43 and Wave 2’s pullback ended at 3,723.34. The index then picked up again in wave 3 towards 4237.75 and the decline in wave 4 ended at 4056.33. Wave 5 is currently progressing higher with a subdivision as other 5 waves to a lesser degree.
Up from wave 4, wave (i) ended at 4128.53 and wave (ii) declines ended at 4087.20. Wave (iii) ended at 4165.85, troughs (iv) ended at 4157.27 and the last upper wave (v) ended at 4183.13. This wave completed ((i)) to a higher degree. The withdrawal of wave ((ii)) ended at 4061.41 as a zigzag pattern. The index then turns higher and from the bottom of wave ((ii)), wave (i) ended at 4112.08 and lows (ii) ended at 4083, 97. The index picks up again in wave (iii) towards 4188.72, the pullback of wave (iv) ended at 4151.72 and the last wave higher (v) of ((iii)) s ‘is completed at 4234.12. The withdrawal in wave ((iv)) is proposed to be complete at 4167.93. In the near term, as lows remain above 4,056.33, expect the index to expand higher. As long as the 4056.33 pivot remains intact, expect the declines to find support in 3, 7, or 11 swing for further upside.