SP500 is rising sharply and impulsively at the start of August and has decisively broken above its all-time highs. The index appears to be extending its rally within wave 3 of a new five-wave bullish cycle as part of a higher-degree wave (5), which could eventually push the price toward the 8K area. Currently, SP500 is still unfolding a five-wave bullish impulse within wave 3. Therefore, after the next subwave “iv” pullback, we could see further gains within subwave “v” of 3 toward the 7875 level. Later, we will need to be aware of a higher-degree wave 4 correction, but it should remain within the broader uptrend toward the final higher-degree wave 5 of (5).
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.