![S&P 500 ETF (SPY) advances with nested construction in wave (5) [Video]](https://www.fxstreet.com/_next/image?url=https%3A%2F%2Feditorial.fxsstatic.com%2Fmiscelaneous%2Fimage-638972199539347268.png&w=1536&q=95 "S&P 500 ETF (SPY) advances with nested construction in wave (5) [Video]")
The short-term Elliott Wave evaluation for the S&P 500 ETF (SPY) signifies an ongoing bullish cycle that started on the April 2025 low, unfolding as a five-wave impulse construction. As proven within the 30-minute chart, wave (4) of this impulse concluded at 646.17. The ultimate leg, wave (5), is at present underway, characterised by an inside five-wave construction with nested subdivisions. From wave (4), wave ((i)) peaked at 665.13, adopted by a pullback in wave ((ii)) to 653.17. Wave ((iii)) then superior to 665.83, with a subsequent dip in wave ((iv)) to 660.28. The ultimate wave ((v)) reached 670.23, finishing wave 1 on the next diploma.
Subsequently, the ETF corrected in wave 2, forming a zigzag Elliott Wave sample that bottomed at 651.41. From wave 1’s peak, wave ((a)) declined to 658.93, adopted by a rally in wave ((b)) to 668.71. Wave ((c)) then dropped to 651.41, finalizing wave 2. The ETF has since resumed its upward trajectory in wave 3. From wave 2’s low, wave ((i)) climbed to 672.99, and wave ((ii)) dipped to 663.30. Within the close to time period, anticipate a pullback discovering assist in a 3, 7, or 11 swing in opposition to 646.17, setting the stage for additional upside. This evaluation suggests continued bullish momentum with well-defined assist ranges guiding the subsequent strikes.
