In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of SPX. We presented to members at the elliottwave-forecast. In which, the rally from the 19 April 2024 low unfolding as an impulse structure and showed a green right side tag. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

SPX 1-Hour Elliott Wave Chart From 7.24.2024 Update

Here’s the 1-hour Elliott wave chart from the 7.24.2024 New York update. In which, the short-term cycle from the 5.31.2024 low ended in wave 3 as impulse at $5669.67 high. Down from there, the index made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $5497.04 low. Wave ((b)) bounce ended at $5585.34 high and wave ((c)) managed to reach the blue box area at $5412.77- $5305.45. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

SPX Latest 1-Hour Elliott Wave Chart From 7.30.2024 Update

This is the latest 1-hour Elliott wave Chart from the 7.30.2024 NY update. In which the index is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $5669.67 high is still needed to confirm the next extension higher & avoid double correction lower. If you are looking for real-time analysis in SPX along with the other indices then join us with a 14-Day Trial for the latest updates & price action. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allow you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Trial.

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