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Elliott Wave: S&P 500 May Conclude Impulsive Advance Before Larger Correction
Confirmed
In Short: The S&P 500 (SPX) is nearing the end of a five-wave impulsive sequence, according to Elliott Wave analysis, with a critical pivot at 7611.07 determining the next move.
The short-term Elliott Wave view for the S&P 500 (SPX) suggests that the cycle from the June 9 low is approaching maturity, according to Action Forex and FXStreet. If the Index breaks below 7611.07, it implies that wave (iv) is undergoing a double correction, as noted by Action Forex and FXStreet.
The structure is close to completing a five-wave impulsive sequence, with wave (i) ending at 7579.93, followed by a corrective decline in wave (ii) that finished at 7313.92. The Index then advanced in wave (iii), reaching 7816.7, as shown in the one-hour chart. A subsequent pullback unfolded, and wave (iv) is proposed to have completed at 7611.07.
At this stage, the Index must break above the prior peak at 7816.7 to rule out a double correction, according to Action Forex and FXStreet. This move would complete wave (v) and finalize the cycle from the June 9 low. Once wave (v) concludes, a larger degree three-wave correction should follow, providing a necessary reset before the next directional phase develops.
What's confirmed
- The level at 7611.07 therefore serves as a critical pivot, guiding whether the current cycle ends with wave (v) or extends the corrective sequence in wave (iv).
What's still developing
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- In the near term, as long as the pivot at 7611.07 remains intact, the expectation is for the Index to extend higher.
- In that case, further consolidation would be required before the rally resumes.