E Elliott Wave Analysis: Bulls Are Pushing S&P 500 Higher

S&P 500 has recently been unfolding a three-wave correction, which we labeled as wave IV) of a bigger, bullish cycle. We can see that price started moving nicely to the upside in impulsive fashion, which is a sign that a correction is completed at the 2318 level, and that more gains may follow. Be aware of a temporary top and resistance at the 2690 level (level of a former swing high) and where the upper channel line can react as a turning point. From there, a temporary three-wave retracement may follow, which can look for support and a bounce around the 2603/2523 region.

S&P 500, Daily

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