Elliott Wave Analysis on S&P 500 ETF (SPY) Calling for More Upside
Short Term Elliott Wave in S&P 500 ETF (SPY) suggests the rally from 4.20.2024 low is in progress as an impulse. Up from 4.20.2024 low, wave ((i)) ended at 510.75 and dips in wave ((ii)) ended at 499.49. The ETF has extended higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave i ended at 508.19 and dips in wave ii ended at 499.55. Wave iii ended at 518.57, wave iv ended at 514.98, and wave v ended at 522.63 which completed wave (i).
Wave (ii) pullback has ended at 518.18 which subdivides into a double three Elliott Wave structure. The ETF then extended higher inw ave (iii) towards 531.52 and pullback in wave (iv) ended at 527.32. Final leg wave (v) is in progress and can see a few more highs before ending wave (v) of ((iii)). Afterwards, it should pullback in wave ((iv)) to correct cycle from 5.1.2024 low before it resumes higher. Near term, as far as pivot at 499.73 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
SPY 60 Minutes Elliott Wave Chart
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