The S&P 500 (SPX) has advanced to a new all-time high, confirming that the bullish sequence from the November 21, 2025 low remains intact. This breakout favors more upside in the near term. The rally from that low is unfolding in a clear five-wave structure, consistent with Elliott Wave analysis. Wave ((i)) ended at 6986.33, marking the first leg of strength. The pullback in wave ((ii)) developed as a zigzag correction. Within this phase, wave (a) ended at 6885.74, wave (b) rallied to 6979.34, and wave (c) declined to 6788.03. This completed wave ((ii)) at a higher degree.
From there, the index resumed higher in wave ((iii)). Wave (i) advanced to 6934.75, while wave (ii) pulled back to 6895.5. Momentum carried wave (iii) to 6988.82. A short-term pullback in wave (iv) is expected, but buyers should return for one more push higher to complete wave (v) of ((iii)). Afterward, the index should correct in wave ((iv)), addressing the cycle from the January 21, 2026 low before resuming its broader rally.
Near term, as long as the pivot at 6788.03 holds, pullbacks are likely to remain corrective. Buyers are expected to appear in three, seven, or eleven swings, supporting further upside. This structure highlights market resilience and suggests that the path of least resistance continues to point higher.
