Elliott Wave View: SPX Is Close to Start A Pullback
Short Term Elliott Wave View in SPX suggests the index has completed a corrective cycle from January 2022 peak. The market bounced from the blue box area at 3807.95 where wave II finished. The rally from 5/22/2022 low looks like it is unfolding as a 5 waves impulse Elliott Wave structure. Up from 5/22/2022 low, wave ((i)) ended at 3982.20 and dips in wave ((ii)) ended at 3875.00. Then wave ((iii)) extended doing a strong rally. Up from wave ((ii)) in lesser degree, wave (i) ended at 3979.97, and pullback in wave (ii) ended at 3931.58. Rally to 4159.40 completed wave (iii). Slightly correction ended wave (iv) at 4116.96 and last push to finish wave (v) of ((iii)) and wave ((iii)) ended at 4167.60.
Next wave ((iv)) pullback dropped to 4073.04 and expect the SP500 to end wave ((v)) soon. Wave ((v)) could end in 4190 – 4227 inverse Fibonacci retracement area. This should complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from 5/22/2022 low. Correction should unfold in larger degree 3, 7, or 11 swing before the rally resumes. As far as May 22, 2022 pivot low at 3807.95 holds, expect for more upside.
Next wave ((iv)) pullback dropped to 4073.04 and expect the SP500 to end wave ((v)) soon. Wave ((v)) could end in 4190 – 4227 inverse Fibonacci retracement area. This should complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from 5/22/2022 low. Correction should unfold in larger degree 3, 7, or 11 swing before the rally resumes. As far as May 22, 2022 pivot low at 3807.95 holds, expect for more upside.
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