Elliott Wave view: S&P 500 ETF (SPY) should stay supported to higher [Video]
|S&P 500 ETF (SPY) cycle from 10.13.2022 low is in progress as a diagonal 5 waves. Up from 10.13.2022 low, wave 1 ended at 410, and wave 2 pullback ended at 380.46 as the 1-hour chart below shows. Wave 3 is in progress with subdivision as a 5 waves impulse Elliott Wave structure. Up from wave 2, wave ((i)) ended at 402.49 and dips in wave ((ii)) ended at 389.33. The ETF rallies higher in wave ((iii)) towards 412.50, and dips in wave ((iv)) ended at 405.68.
SPY 60 minute Elliott Wave chart
Wave ((v)) higher is in progress with internal subdivision as a diagonal in lesser degree. Up from wave ((iv)), wave (i) ended at 413.75 and pullback in wave (ii) ended at 407.15. The ETF extends higher in wave (iii) towards 415.09, and dips in wave (iv) ended at 410.06. Expect wave (v) to end soon which should also complete wave ((v)) of 3. Afterwards, the ETF should pullback in wave 4 to correct cycle from 3.13.2023 low in 3, 7, or 11 swing before the rally resumes. Near term, as far as pivot at 380.46 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
SPY Elliott Wave video
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