US Markets
Home›US Markets›Indices›S&P 500 nears end of five-wave advance in Elliott Wave…
S&P 500 nears end of five-wave advance in Elliott Wave view
The analysis flags 7611.07 as a key pivot, with a break below it suggesting the advance may be shifting into a double correction.
Action Forex’s short-term Elliott Wave assessment for the S&P 500 (SPX) says the rally that began at the June 9 low is approaching maturity, with price action near completing a five-wave impulsive sequence.
In the proposed count, wave (i) ended at 7579.93, wave (ii) declined to 7313.92, and wave (iii) advanced to 7816.7 on the one-hour chart. The article further suggests wave (iv) has already finished at 7611.07, but emphasizes that a break above 7816.7 would help rule out an alternative “double correction” interpretation.
Near term, the view is that as long as the 7611.07 pivot holds, the index could extend higher to complete wave (v). After wave (v) concludes, the analysis expects a larger three-wave correction to follow, as a reset before a new directional phase develops.
If instead the S&P 500 breaks below 7611.07, the outlet says the implication is that wave (iv) is undergoing a double correction, which would require further consolidation before the rally can resume.
Latest closeS&P 500 7,666.60 ▲0.5%