SPX Short Term Elliott Wave view suggests that the rally to 2872.15 ended Primary wave ((3)). Down from there, Primary wave ((4)) pullback is unfolding as a double three Elliott Wave structure where Intermediate wave (W) ended at 2818.27 and Intermediate wave (X) ended at 2839.26. Intermediate wave (Y) is in progress and while near term bounces stay below 2872.15, expect the Index to extend lower towards 2774.3 – 2786.8 area to end Primary wave ((4)) before Index resumes the rally or at least bounce in 3 waves. We don’t like selling the Index and expect buyers to appear from the above area for a 3 waves bounce at minimum.
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