SPDR S&P 500 (SPY)’s path to report peaks [Video]

The Brief-Time period Elliott Wave evaluation for the SPDR S&P 500 ETF (SPY), ranging from August 2, signifies an ongoing impulsive rally. From the August 2 low, the ETF surged in wave ((i)) to 647.04, adopted by a dip in wave ((ii)) concluding at 634.92. The ETF then climbed in wave ((iii)) to 667.34. A corrective pullback in wave ((iv)) fashioned a zigzag Elliott Wave sample. From the wave ((iii)) peak, wave (a) declined to 661.98, wave (b) rallied to 664.65, and wave (c) dropped to 654.42, finishing wave ((iv)).

The ETF has since resumed its upward trajectory in wave ((v)), exhibiting an impulsive construction with inner extensions. From the wave ((iv)) low, wave (i) reached 662.37, and a quick pullback in wave (ii) ended at 657.88. The ETF then nested increased, with wave i peaking at 665.8 and wave ii correcting to 660.93. Wave iii ascended to 670.74, adopted by a wave iv pullback to 666.78. So long as the pivot low at 654.42 holds, the ETF ought to proceed its upward momentum within the close to time period.

SPDR S&P 500 ETF (SPY) – 30-minute Elliott Wave technical chart

SPY – Elliott Wave technical [Video]