Short term Elliott Wave view in SPX suggests rally from January 29, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from January 29 low, wave 1 ended at 3950.43 and pullback in wave 2 ended at 3723.34. Index then resumed higher in wave 3 towards 4237.75 and pullback in wave 4 has ended at 4056.33. Wave 5 is currently in progress higher with subdivision as another 5 waves in lesser degree.
Up from wave 4, wave (i) ended at 4128.53 and dips in wave (ii) ended at 4087.20. Wave (iii) ended at 4165.85, wave (iv) dips ended at 4157.27, and final leg higher wave (v) ended at 4183.13. This completed wave ((i)) in higher degree. Wave ((ii)) pullback ended at 4061.41 as a zigzag structure. Index then turns higher and from wave ((ii)) low, wave (i) ended at 4112.08 and dips in wave (ii) ended at 4083.97. Index resumes higher in wave (iii) towards 4188.72, pullback in wave (iv) ended at 4151.72, and final leg higher wave (v) of ((iii)) ended at 4234.12. Pullback in wave ((iv)) is proposed complete at 4167.93. Near term, while dips stay above 4056.33, expect Index to extend higher. As far as pivot at 4056.33 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
