Short term Elliott Wave View in SP500 (SPX) shows an incomplete bearish sequence from 1.04.2022 high favoring further downside. Short term, rally from 10.13.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 10.13.2022 low, wave A ended at 3905.64 and pullback in wave B ended at 3709.83. Wave C higher is in progress as a 5 waves impulse structure before the Index turns lower again.
Up from wave B, wave ((i)) ended at 3859.84 and pullback in wave ((ii)) ended at 3743.57. Index then rallies again in wave ((iii)) towards 4025.94. Internal subdivision of wave ((iv)) takes the form of an zigzag correction. Down from wave ((iii)), wave (a) ended at 3951.95 and rally in wave (b) ended at 4002.79. Wave (c) finished at 3908.16 and also wave ((iv)). Rally as wave ((v)) has started and as far as pivot at 3908.16 low stays intact, expect the Index to extend higher 1 more leg. Potential target is a 100% – 161.8% Fibonacci extension from 10.13.2022 low which comes at 4080.43 – 4312.02 area.
