S&P500 Entering Our Buying Areas Soon?

Hello Traders,

S&P500 Elliott wave view suggests that the pullback to $2803.34 low ended red wave 2. Up from there, the rally higher to $2917.50 high ended black wave ((i)). The internals of that rally higher unfolded as impulse structure with the sub-division of 5 waves structure in it’s each leg higher i.e blue wave (i), (iii) & (v).

Up from $2803.34 low, the initial rally to $2874 high ended blue degree wave (i) in 5 waves structure. Down from there, the 3 waves pullback to $2846.25 low ended blue wave (ii). A rally higher from there ended blue wave (iii) in another 5 waves structure at $2906.25 high. Below from there, a pullback to $2894.25 low ended blue wave (iv). Then finally a rally to $2917.50 high ended blue wave (v) & also completed black wave ((i)).

Currently, the instrument is doing a black wave ((ii)) pullback against $2803.34 low in 3, 7 or 11 swings before further upside is seen. Near-term focus remains towards $2852.74-2843.31, which is 100%-161.8% Fibonacci extension area of blue wave (w)-(x) to end the short-term correction.

The Index should find buyers from there looking for another extension higher or for minimum 3 waves reaction higher.