SPX Favors Rally With Bullish Momentum & Remain Supported

Short term, SPX favors upside in wave ((iii)) of 3 started from 4048.28 low of 5.04.2023 and expect to remain supported in pullback. It is nesting as the part of impulse Elliott wave structure and favors further upside. It placed 2 of (3) at 3838.24 low and ((i)) of 3 at 4186.92 high. Within wave ((i)), it favored ended (i) at 4039.49 high and (ii) at 3914.24 low as 0.618 Fibonacci retracement. It finished (iii) at 4162.57 high and (iv) at 4049.35 low. Finally, it finished (v) at 4186.92 high as ((i)) of 3. It retraced in ((ii)) at 4048.28 low as 0.382 Fibonacci retracement of ((i)). Above there, it favors higher in ((iii)) of 3 and expect few more highs to finish it before starts ((iv)) pullback.

It placed (i) of ((iii)) at 4212.91 high and (ii) at 4103.98 low. (ii) was corrected 0.618 Fibonacci retracement of (i). Currently, it favors higher in (iii) of ((iii)) as extended Elliott wave sequence. It placed i of (iii) at 4217 high, ii at 4166.15 low. Currently, it favors higher in iii of (iii) and can see further upside to finish it before pullback starts in iv of (iii). It expect few more highs and can extend between 4398 -4614 area to finish ((iii)) before pullback starts in ((iv)) of 3.