Short Term Elliott Wave view in S&P 500 (SPX) suggests the Index ended wave 1 at 3726.70 and pullback in wave 2 ended at 3636.48. Internal of wave 2 unfolded as a zigzag. Wave ((a)) ended at 3685.84, wave ((b)) ended at 3716.65, and wave ((c)) ended at 3636.48. Index has resumed higher in wave 3 with the internal subdivision as a 5 waves impulse. Up from wave 2 low, wave (i) ended at 3679.99 and dips in wave (ii) ended at 3662.71. Index then resumed higher in wave (iii) towards 3824.40, and pullback in wave (iv) ended at 3783.60. Final leg higher wave (v) ended at 3826.69. This completed wave ((i)) in larger degree.

Wave ((ii)) pullback ended at 3750.40 and the Index has resumed higher again. Up from wave ((ii)), Index rallies in a short term impulsive structure and can see one more high before ending wave (i). It should then pullback in wave (ii) to correct cycle from January 15 low before the rally resumes. As far as wave ((ii)) pivot at 3750.4 stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

S&P 500 (SPX) 45 Minutes Elliott Wave Chart

SPX Elliott Wave Video

S&P 500 E-Mini Futures (ES) cycle from November 10 low is unfolding as a 5 waves diagonal Elliott Wave structure. In the 45 minutes below, we can see wave ((iii)) of this diagonal ended at 3714.75 and dips in wave ((iv)) ended at 3620.75. Internal subdivision of wave ((iv)) unfolded as a double three structure. Down from wave ((iii)) at 3714.75, wave (w) ended at 3659.5, bounce in wave (x) ended at 3681.25, and final leg wave (y) of ((iv)) ended at 3620.75.

Index turned higher from the 100% – 123.6% fibonacci extension area of the (w)-(x), as denoted by the blue box. Wave ((v)) is currently in progress and subdivides in another 5 waves in lesser degree. Up from wave ((iv)) at 3620.55, wave (i) ended at 3691.50 and pullback in wave (ii) ended at 3636.25. Pair then resumed higher in wave (iii) towards 3717.50. Dips in wave (iv) is in progress to correct cycle from December 15 low before it resumes higher again. As far as wave ((iv)) low pivot at 3620.55 stays intact, Index can see 1 more push higher to end wave ((v)). Afterwards, Index could end at least cycle from November 10 low as a diagonal then see larger degree pullback in 3 waves before the rally resumes.

S&P 500 E-Mini Futures (ES) 45 Minutes Elliott Wave Chart

S&P 500 E-Mini Futures (ES) Elliott Wave Video

S&P 500 (SPX) Elliott Wave View suggests the rally from October 31 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from October 31 low, wave (1) ended at 3646 and pullback in wave (2) ended at 3511.9. Wave (3) is currently in progress and the internal subdivision is unfolding as another 5 waves impulse in lesser degree. Up from wave (2) low at 3512.4, wave ((i)) ended at 3628.5 and wave ((ii)) dips ended at 3543.8.

Index then resumed higher and wave ((iii)) is expected to end soon. Expect Index to then pullback in wave ((iv)) before turning higher in wave ((v)). The 5 waves move higher from wave (2) low on November 10 should complete wave 1 of (3). Afterwards, expect a bigger pullback in wave 2 of (3) to correct cycle from November 10 low before the rally resumes. As far as November 10 pivot low at 3512.4 remains intact, expect dips to find support in 3, 7, or 11 swing for more upside. Potential target higher is minimum 100% – 123.6% from October 31 low which comes at 3920 – 4016.

S&P 500 (SPX) 45 Minutes Elliott Wave Chart

S&P 500 (SPX) Elliott Wave Video

Short Term Elliott Wave View in S&P 500 E-Mini Futures (ES) suggests that the Index remains within the cycle from March low as an impulse Elliott Wave structure. The 60 minutes chart below shows the Index ended wave ((4)) at 3226.90 and it has resumed higher. Up from wave ((4)) low at 3226.90, 1 ended at 3323.5 and pullback in wave 2 ended at 3272. Index resumed higher in wave 3 towards 3397 and wave 4 pullback ended at 3328.50. Index then extended in wave 5 towards 3432.25. This completed wave (1) in higher degree.

Pullback in wave (2) then ended at 3319. Index has then resumed higher within wave (3). Up from wave (2) low at 3319, wave ((i)) ended at 3408 and pullback in wave ((ii)) ended at 3357. Wave ((iii)) ended at 3480, wave ((iv)) dips ended at 3428.25, and wave ((v)) higher ended at 3522.50. This completed wave 1 of (3) in higher degree. Wave 2 pullback is now in progress to correct cycle from November 4 low in 3, 7, or 11 swing before the rally resumes. As far as pivot at October 31 low (3226.90) stays intact, expect the Index to see further upside.

S&P 500 E-Mini Futures (ES) 60 Minutes Elliott Wave Chart

S&P 500 E-Mini Futures (ES) Elliott Wave Video

Elliott Wave View of S&P 500 E-mini Futures (ES) suggests the Index ended the cycle from June 15 low as wave ((3)) at 3587 high. From there, Index has extended lower to correct that cycle. The correction is unfolding as a double three Elliott Wave Structure. Down from wave ((3)) high, wave W ended at 3347.75 low. Wave X bounce ended at 3453.25 high. Index then resumed lower in wave Y, which ended at 3295.50 low. This also ended wave (W) in higher degree. Afterwards, Index bounced higher in wave (X). The subdivision unfolded as a flat correction, where wave A ended at 3424.25 high and wave B ended at 3298.25 low. The rally higher in wave C ended at 3419.21 high, which also ended wave (X) in the higher degree.

Since then, Index has resumed lower in wave W, which ended at 3217.75 low. The decline broke below previous wave (W) low, confirming that next leg lower in wave (Y) has already started. Currently, Index is doing a bounce in wave X, which will be followed by push lower in wave Y to end wave (Y) in higher degree. While below 3419.21 high, bounce in 3,7 or 11 swings is expected to fail for more downside. The 100-161.8% extension area of wave (W)-(X) where wave (Y) can potentially end is at 2945.50-3126.66. If reached, that area should see buyers appear to resume the rally or 3 waves bounce at least.

ES 1 Hour Elliott Wave Chart

ES Elliott Wave Video

Elliott Wave View of S&P 500 (SPX) suggests the rally from July 25,2020 low has ended at 3399.54 high as wave 3, which is also a new all-time high. Up from July 25 low, wave ((i)) ended at 3264.74 high and wave ((ii)) dip ended at 3204.13 low. Index then extended higher in wave ((iii)) towards 3381.01 high. The internal subdivision of wave ((iii)) unfolded as 5 waves impulse Elliott Wave Structure. Wave (i) of ((iii)) ended at 3264.74 high and wave (ii) pullback ended at 3220.26 low. Rally higher in wave (iii) then ended at 3351.92 high, followed by wave (iv) pullback, which ended at 3328.72 low. Wave (v) then extended higher and ended at 3381.01 high.

Afterwards, the Index did a pullback in wave ((iv)), which ended at 3326.44 low. Finally, wave ((v)) higher ended at 3399.54 high. This final move completed wave 3 in higher degree and ended cycle from July 25 low. Index is currently correcting that cycle within wave 4. The correction is unfolding as a zigzag correction, where wave ((a)) is currently in progress. The bounce in wave ((b)) should follow before another leg lower in wave ((c)) to end wave 4.  As long as 3199.50 low stays intact, expect the dips in 3,7 or 11 swings to find support for more upside.

SPX 30 Minutes Elliott Wave Chart

SPX Elliott Wave Video