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SPX Reacting Higher From Extreme Equal Legs Area

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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 13 January 2025 unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the pullback in 3, 7, or 11 swings. Based on Elliott wave hedging area looking to get 3 wave reaction higher at least. We will explain the structure & forecast below:

SPX 1-Hour Elliott Wave Chart From 2.01.2025

SPX Reacting Higher From Extreme Equal Legs Area

Here’s the 1-hour Elliott wave chart from the 2.01.2025 update. In which, the cycle from the 13 January low ended in wave 1 as an impulse structure at $6128.18 high. Down from there, the index made a pullback in wave 2 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $5962.92 high. Then wave ((b)) bounce ended at $6120.91 high and wave ((c)) was expected to reach the Elliott wave hedging area at $5954.89- $5851.75 area. From there, buyers were expected to appear looking for next extension higher or do a 3 wave reaction higher at least.

SPX Latest 1-Hour Elliott Wave Chart From 2.11.2025

SPX Reacting Higher From Extreme Equal Legs Area

This is the latest 1-hour Elliott wave Chart from 2.11.2025 Asia update. In which the SPX is showing a strong reaction higher taking place, right after ending the zigzag correction within the equal legs area. Allowed members to create a risk-free position shortly after taking the long position. However, a break above $6128.18 high is needed to confirm the next extension higher & avoid double correction lower.

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SPX Pullback Expected To Hold in 3, 7 Or 11 Swings

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Short Term Elliott Wave view in S&P 500 ( SPX) suggests that rally to new all time high on 12.16.2024 at $6099.97 ended wave ((3)).

Wave Structure Breakdown

Wave ((4)) Correction (Completed)

Pullback in wave ((4)) is proposed complete at $5773.20 as the 1 hour chart below shows. Internal subdivision of wave ((4)) unfolded as Elliott wave double three structure. Down from wave ((3)), wave (W) ended in lesser degree 3 swings at $5832.30. Wave (X) bounce ended in 3 swings at $6049.75 high. Then wave (Y) lower ended at $5773.20 low with another lesser degree 3 swings thus completed wave ((4)) pullback.

Key Trading Levels & Strategy

The Index has turned higher in wave ((5)) and managed to make a new high above previous wave ((3)) high of $6099.97 confirming the next extension higher. Up from wave ((4)), the rally took place as an impulse sequence where wave ((i)) ended at $5871.92 high. Wave ((ii)) pullback ended at $5805.42 low. Index nested higher in wave ((iii)) & ended at $5964.69 high. Then wave ((iv)) pullback ended at $5930.72 low. Above from there, wave ((v)) ended with extension at $6128.18 high & completed wave 1. Down from there, the index is doing a pullback in wave 2 against 1.13.2025 low. Therefore, pullback should hold in 3, 7 or 11 swings looking for more upside.

SPX 1-Hour Elliott Wave Chart (01.28.2025)

SPX 1-Hour Chart: Wave ((4)) Double Three Correction and Emerging Wave ((5))
Chart Note: Wave ((4)) completed as a double three, with wave ((5)) now testing new highs.

 

Video Update: SPX Elliott Wave Outlook