Elliott Wave Analysis: SPX Close to Ending A Cycle from 04/02/18

Hello Traders,

In this short-term analysis, we will have a look at the SPX 0.45% in the 1 hour Elliott Wave chart. At this moment in time, the near-term cycle from 4/02/18 low (2555) remains in progress as a 5 waves leading diagonal .

Up from 2555 low, it has ended red wave 1 at 04/18/18 peak (2717.67). From that top, it has ended red wave 2 correction at 05/03/18 low (2593.98) and from that low, it has ended wave 3 at 05/14/18 peak (2742.10) and wave 4 correction at 05/29/18 low (2676.25).

While SPX 0.45% stays above 2676.25 low, the index is expected to see 1 more push higher in wave 5 to end the cycle from 04/02/18 low before starting its correction in 3-7-11 swings. The right side remains to the upside. Therefore, we don’t like selling it and prefer buying wave (2) pull backs in the sequences of 3-7-11 swings