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Elliott Forecast

Daud Bhatti

S&P 500 ETF (SPY) Looking to End Impulsive Rally

December 27, 2023 By

Short Term Elliott Wave View in S&P 500 ETF (SPY) shows the rally from October 28 low is in progress as a . Up from October 28 low, wave (1) ended at 459.9 and pullback in wave (2) ended at 454.34. The ETF then rallied higher again in wave (3) towards 475.89 and dips in wave (4) ended at 467.36. Wave (5) is in progress as another 5 waves in lesser degree. The 30 minutes chart below shows the move higher to end wave (3).

Up from wave 94), wave ((i)) ended at 472.64 and pullback in wave ((ii)) ended at 468.84. The ETF extended higher again in wave ((iii)) towards 475.38 and dips in wave ((iv)) ended at 471.70. Expect the ETF to end wave ((v)) soon and this should complete wave 1 of (5) in higher degree. It should then pullback in wave 2 to correct cycle from 12.21.2023 low before the rally resumes. Near term, while above 467.36, and more importantly above 456.99, expect dips to find support in 3, 7, or 11 swing and the ETF to extend higher.

S&P 500 ETF (SPY) 30 Minutes Elliott Wave Chart

SPY Elliott Wave Video

Source:-forecast.com/news/sp-500-etf-spy-looking-end-impulsive-rally/

27/12/2023 1 EN

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Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a 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 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. 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, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Daud Bhatti

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