Quick Time period Elliott Wave view in SP500 (SPX) counsel that rally from 6.17.2022 low is unfolding as a zig zag Elliott Wave construction. Up from 6.17.2022 low, wave 1 ended at 3925.73 and dips in wave 2 ended at 3723.21. Inside of wave 2 unfolded as a zigzag construction in lesser diploma. Wave ((a)) ended at 3746.62, wave ((b)) ended at 3918.77 and wave ((c)) decrease ended at 3723.21. This accomplished wave 2 in larger diploma.
Up from wave 2, wave ((i)) ended at 3895.99 and dips in wave ((ii)) ended at 3818.14. Index extends larger in wave ((iii)) in the direction of 3973.83, wave ((iv)) ended at 3929.53, and closing leg larger wave ((v)) ended at 4002.94 which accomplished wave 3. Pullback in wave 4 ended at 3909.90 as zig zag correction. Wave 5 larger is in progress as a diagonal. Wave ((i)) of 5 is close to full and the index ought to proceed shifting sideways and better to finish wave 5 and the primary leg wave (A) of the zig zag construction. After wave (A) ends, pair ought to see a pullback in 3, 7 or 11 swings inside wave (B). As this correction stays above 3637.41 degree, we expect extra upside in wave (C) as an impulse construction.
SPX 60 Minutes Elliott Wave Chart