In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of SPX. We presented to members at the elliottwave-forecast. In which, the rally from the 19 April 2024 low unfolding as an impulse structure and showed a green right side tag. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
SPX 1-Hour Elliott Wave Chart From 7.24.2024 Update
Here’s the 1-hour Elliott wave chart from the 7.24.2024 New York update. In which, the short-term cycle from the 5.31.2024 low ended in wave 3 as impulse at $5669.67 high. Down from there, the index made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $5497.04 low. Wave ((b)) bounce ended at $5585.34 high and wave ((c)) managed to reach the blue box area at $5412.77- $5305.45. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
SPX Latest 1-Hour Elliott Wave Chart From 7.30.2024 Update
This is the latest 1-hour Elliott wave Chart from the 7.30.2024 NY Midday update. In which the index is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $5669.67 high is still needed to confirm the next extension higher & avoid double correction lower.
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