ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. The guidance of ElliottWave-Forecast gives subscribers the wherewithal to position themselves for proper entry and exit in the Forex marketplace. We believe our disciplined methodology is pivotal for long-term success in trading.
Elliott Wave Intraday Looking for S&P 500 ETF (SPY) to End Wave 5
Short Term Elliott Wave in S&P 500 ETF (SPY) suggests rally from 4.20.2024 low is ongoing as a 5 waves impulse structure. Up from 4.20.2024 low, wave ((i)) ended at 534 and pullback in wave ((ii)) ended at 518.36. The ETF extended higher in wave ((iii)) towards 551.12. Pullback in wave ((iv)) unfolded as a zigzag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 543.02. Bounce in wave (b) unfolded as an expanded flat structure. Up from wave (a), wave a ended at 546.95 and pullback in wave b ended at 542.21. Wave c higher ended at 550.28 which completed wave (b) in higher degree. Wave (c) lower ended as a waves diagonal at 542.44. This completed wave ((iv)) in higher degree.
The ETF has resumed higher in wave ((v)). Up from wave ((iv)), wave i ended at 546.51 and pullback in wave ii ended at 545.12. Wave iii higher ended at 549.41 and pullback in wave iv ended at 548.27. Expect wave v to end soon which completes wave (i) in higher degree. Afterwards, it should pullback in wave (ii) to correct cycle from 7.2.2024 low before it resumes higher. Near term, as far as pivot at 542.44 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.
S&P 500 ETF (SPY) 30 Minutes Elliott Wave Chart
Source: https://elliottwave-forecast.com/news/elliott-wave-intraday-looking-sp-500-etf-spy-end-wave-5/