In this technical article we’re going to take a quick look at the Elliott Wave charts of SPX published in membership area of the website. As our members know, S&P500 is trading within the cycle from the October 2022 low, which is unfolding as 5 waves structure. We got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast
SPX 1h Elliott Wave Analysis 05.04.2023
SPX is doing wave 4 red pull back. The index is correcting the cycle from the 3837.92 low. Pull back looks incomplete at the moment. It’s still short of equal legs area that comes at 4051.78-3991.85. At that area SPX should ideally find buyers for further rally in wave 5 red or for a 3 waves bounce at least.
Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.
SPX 1h Elliott Wave Analysis 05.16.2023
SPX made extension down toward equal legs area as we expected. Buyers appeared at the marked extreme zone and we are getting good reaction from there. As far as 4048.28 low holds, SPX should ideally keep trading higher in wave 5 red targeting 4218.9-4271.7 area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Source: https://elliottwave-forecast.com/stock-market/spx-elliott-wave-calling-rally/