Elliott Wave View: SPY Looking for Pullback Soon

Short Term Elliott Wave view in S&P 500 ETF (SPY) suggests the rally from March 23, 2020 low low is unfolding as a 5 waves impulse. Up from 3.23 low (218.26), wave (1) ended at 263.7, and pullback in wave (2) ended at 242.94. Index has resumed higher in wave (3) as another 5 waves in lesser degree which ended at 281.2. Up from wave (2) low at 242.94, wave 1 ended at 252.68 and wave 2 pullback ended at 245.22. Wave 3 ended at 275.03, wave 4 ended at 262.89, and wave 5 of (3) ended at 281.20. From there, Index pullback in wave (4) and ended at 272.06.

Near term, wave (5) is in progress and while above 272.06, Index can see 1 more push higher to end wave (5) as diagonal. Afterwards, it should complete wave (5) of ((1)) and end cycle from March 23, 2020 low as 5 waves. Index should then at minimum pullback in wave ((2)) to correct cycle from March 23 low in 3, 7, or 11 swing. It is risky to chase the long side in SPY in the near term.