Elliott Wave View: SPY Looking To Extend Higher
SPY has ended the cycle from June 16 high in wave (2), which unfolded as a double three Elliott Wave Structure. From June 16 high, wave W ended at 305.85 low. Wave X bounce ended at 314.57 high and wave Y ended at 298.99 low. Up from that wave (2) low, the ETF has resumed higher as a 5 waves Impulse Elliott Wave structure. Wave ((i)) ended at 304.02 high and pullback in wave ((II)) ended at 302.22 low. SPY then extended higher in wave ((III)), which ended at 315.70 high. The pullback in wave ((iv)) then ended at 311.51 low.
The ETF then continued to resume higher in wave ((V)) with the internal unfolding as another 5 waves Impulse in lesser degree. Up wave ((iv)) low, wave (i) extended higher and broke above previous June 16 high, confirming next leg higher has started. Wave (i) ended at 317.68 high and wave (II) dips ended at 315.56 low. Currently, wave (III) is in progress. Expect ETF to extend higher before ending wave (III) of ((V)). Afterwards, pullback in wave (iv) should follow before another leg higher in wave (V). This would then end 5 waves rally in larger degree wave 1. A bigger 3 waves pullback in wave 2 should follow before the ETF resumes higher. As long as pullback stays above 298.99 low, expect wave 2 dips to find support in 3, 7, or 11 swing for more upside.
SPY 30 Minutes Elliott Wave Chart
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