The short-term Elliott wave pattern in the S&P 500 ETF (SPY) suggests the rally from the 4/20/2024 low is continuing as a 5-wave impulse structure. Up from the 4/20/2024 low, wave ((i)) completed at 534, and the pullback in wave ((ii)) completed at 518.36. The ETF extended higher in wave ((iii)) toward 551.12. The pullback in wave ((iv)) developed as a zig-zag Elliott wave structure. Down from wave ((iii)), wave (a) completed at 543.02. The bounce in wave (b) developed as an extended flat structure. Up from wave (a), wave a completed at 546.95, and the pullback in wave b completed at 542.21. Wave c above completed at 550.28, which completed wave (b) to a higher degree. Wave (c) below completed as a diagonal wave at 542.44. Thus, wave ((iv)) completed to a higher degree.
ETF resumed the rally in wave ((v)). Up from wave ((iv)), wave i completed at 546.51, and the pullback in wave ii completed at 545.12. Wave iii completed higher at 549.41, and the pullback in wave iv completed at 548.27. Expect wave v to complete soon, which would complete wave (i) higher. It should then pullback in wave (ii) to correct the cycle from the 7.2.2024 low before resuming the rally. In the miniature term, if the pivot at the 542.44 low remains intact, expect a pullback to find buyers in swings 3, 7, 11 for further upside.
