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

5 Wave Impulse Structure + ABC correction

$SPY 4H Elliott Wave Chart 7.24.2024:

Here 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:

Here 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

Elliott Wave Forecast

We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet,  Sign Up for 14 days Trial now and get access to new trading opportunities.

Welcome to Elliott Wave Forecast!