SPX Intra Day Elliott Wave view suggests that the rally to 2597.02 ended Intermediate wave (3). Intermediate wave (4) pullback is currently in progress as a double three Elliott Wave structure. Down from 2597.02, Minor wave W of (4) ended at 2566.33 and Minor wave X of (4) ended at 2587.66. While staying below 2597.02, expect the Index to continue lower towards 2538 – 2557 area to finish Intermediate wave (4) before Index resumes the rally or bounce in 3 waves at least. We don’t like selling the Index and expect dip buyers to appear from the aforementioned area for at least a 3 waves bounce.
SPX 1 Hour Elliott Wave Analysis
