Short Term Elliott Wave in S&P 500 ETF (SPY) suggests rally from 4.20.2024 low is ongoing as a 5 waves impulse structure. Up from 4.20.2024 low, wave ((i)) ended at 534 and pullback in wave ((ii)) ended at 518.36. The ETF extended higher in wave ((iii)) towards 551.12. Pullback in wave ((iv)) unfolded as a zigzag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 543.02. Bounce in wave (b) unfolded as an expanded flat structure. Up from wave (a), wave a ended at 546.95 and pullback in wave b ended at 542.21. Wave c higher ended at 550.28 which completed wave (b) in higher degree. Wave (c) lower ended as a waves diagonal at 542.44. This completed wave ((iv)) in higher degree.
The ETF has resumed higher in wave ((v)). Up from wave ((iv)), wave i ended at 546.51 and pullback in wave ii ended at 545.12. Wave iii higher ended at 549.41 and pullback in wave iv ended at 548.27. Expect wave v to end soon which completes wave (i) in higher degree. Afterwards, it should pullback in wave (ii) to correct cycle from 7.2.2024 low before it resumes higher. Near term, as far as pivot at 542.44 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.
