SPX Short-Term Elliott Wave view suggests that the rally to 2597.02 ended Intermediate wave (3). Intermediate wave (4) pullback ended at 2557.45 as a double three Elliott Wave structure. Down from 2597.02, Minor wave W of (4) ended at 2566.33, Minor wave X of (4) ended at 2587.66, and Minor wave Y of (4) ended at 2557.45. Up from there, the rally appears to be unfolding as an impulse Elliott Wave structure. Minute wave ((i)) ended at 2572.84, Minute wave ((ii)) ended at 2563.3, and Minute wave ((iii)) ended at 2590.09. Expect Index to see another leg higher in Minute wave ((iv)) of 1 before ending cycle from 11/15 low. Afterwards, Index should pullback in Minor wave 2 to correct cycle from 11/15 low in 3, 7, or 11 swing before the rally resumes. A break above Intermediate wave (3) at 2597.02 will add conviction that Intermediate wave (4) has ended at 2566.3. We don’t like selling the Index.
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