Short-term Elliott wave view in S&P 500 (SPX) suggests the rally from October 4, 2021 low is in progress as a 5 waves impulse. Up from there, wave 1 ended at 4369.23 and pullback in wave 2 ended at 4290.49. The Index then extended higher in wave 3 towards 4598.53 and pullback in wave 4 ended at 4551.96. Internal subdivision of wave 4 unfolded as a zigzag structure. Down from wave 3, wave ((a)) ended at 4567.77, wave ((b)) ended at 4584.57, and wave ((c)) ended at 4551.96.
Wave 5 is currently in progress with internal subdivision as an impulse in lesser degree. Up from wave 4, wave (i) ended at 4597.55 and dips in wave (ii) ended at 4567.59 Index resumes higher in wave (iii) towards 4604.11, wave (iv) ended at 4589, and wave (v) of ((i)) ended at 4620.34. Pullback in wave ((ii)) ended at 4595.06. Index has resumed higher again in wave ((iii)) as an impulse. Up from wave (ii)), wave (i) ended at 4635.15 and pullback in wave (ii) ended at 4621.19. Near term, as far as pivot at 4551.96 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
