Short Term Elliott Wave view suggests cycle from 7.28.2023 low ended with wave 1 at 159.4 in 5 waves impulse. Up from 7.28.2023 low, wave ((i)) ended at 157.49 and pullback in wave ((ii)) ended at 155.53. Pair extends higher in wave ((iii)) towards 159.33 and pullback in wave ((iv)) ended at 157.66. Subdivision of wave ((iv)) unfolded as a zigzag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 158.58, and wave (b) ended at 159.29. Pair resumes lower in wave (c) towards 157.64 which completed wave ((iv)) in higher degree. Pair then resumed higher in wave ((v)) towards 159.48 which completed wave 1 in higher degree.
Wave 2 pullback is currently in progress as a 7 swing double three structure. Down from wave 1, wave (a) ended at 157.88 and wave (b) ended at 158.37. Pair resumed lower in wave (c) towards 156.85 which completed wave ((w)). Wave ((x)) rally is now in progress in 3 waves zigzag. Up from wave ((w)), wave (a) ended at 158.04. Near term, while below 159.48, expect the rally to fail in 3, 7, or 11 swing and pair to resume lower.
