SPDR S&P 500 ETF ( $SPY) Found Buyers At The Blue Box Area As Expected.

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SPDR S&P 500 ETF ( $SPY) Found Buyers At The Blue Box Area As Expected.

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Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR S&P 500 ETF ($SPY) . The rally from 4.19.2024 low at $493.79 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

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$SPY 4H Elliott Wave Chart 7.24.2024:

$SPYHere is the 4H Elliott Wave count from 7.24.2024. The 5 wave impulsive cycle from 4.19.2024 ended on 7.16.2024 at red 3 and started a pullback to correct it. We expected the pullback against 4.19.2024 low at $493.79 to find buyers at the blue box area at 538.73 – 527.84 in 3 swings.

$SPY 4H Elliott Wave Chart 7.28.2024:

$SPYHere is the latest 4H update from 7.28.2024, showing the rally taking place as expected. The cycle from the peak at red 3 has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $572 – 582 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red 3 high will confirm the next leg higher and negate the possibility of a double correction.

$SPY Elliott Wave Video Analysis

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