Short Term Elliott Wave in S&P 500 (SPX) suggests the rally from 4.20.2024 low is in progress as an impulse. Up from 4.20.2024 low, wave 1 ended at 5341.88 and pullback in wave 2 ended at 5191.68. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1, wave ((w)) ended at 5256.93 and wave ((x)) ended at 5311.65. The Index then extended lower in wave ((y)) as a zigzag structure. Wave (a) ended at 5269.67, wave (b) ended at 5282.06 and wave (c) ended at 5191.74. This completed wave ((y)) of 2 in higher degree.
The Index has turned higher in wave 3. Up from wave 2, wave (i) ended at 5292.25 and dips in wave (ii) ended at 5234.32. The Index resumed higher in wave (iii) towards 5370.3 and pullback in wave (iv) ended at 5347.09. Wave (v) higher ended at 5375.08 which completed wave ((i)). Pullback in wave ((ii)) is proposed complete as a shallow zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 5341.88 and wave (b) ended at 5360.79. Wave (c) lower ended at 5340.51 which completed wave ((ii)). The Index has turned higher in wave ((iii)). Near term, as far as pivot at 5191.74 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
