Short term Elliott Wave analysis of the S&P 500 ETF (SPY) indicates that the rally from the low on 4.20.2024 is still in progress, forming a 5 wave impulse structure. Wave ((i)) ended at 534, followed by a pullback in wave ((ii)) to 518.36. The ETF continued higher in wave ((iii)) reaching 551.12. A pullback in wave ((iv)) took the form of a zigzag Elliott Wave structure, with wave (a) ending at 543.02 and wave (b) forming an expanded flat structure. Wave a peaked at 546.95 and wave b at 542.21, leading to wave c reaching 550.28 to complete wave (b) in a higher degree. Wave (c) then ended in a wave diagonal at 542.44, completing wave ((iv)) in a higher degree.
The ETF has since resumed its upward movement in wave ((v)), with wave i ending at 546.51 and wave ii at 545.12. Wave iii peaked at 549.41, followed by a pullback in wave iv to 548.27. Wave v is expected to conclude soon, completing wave (i) in a higher degree. A corrective pullback in wave (ii) is anticipated before the rally continues from the low on 7.2.2024. As long as the pivot at 542.44 remains intact, any pullbacks are likely to attract buyers in a 3, 7, 11 swing pattern for further upside potential.