The S&P 500 (SPX) continues to push into new all‑time highs, advancing in a clear impulsive structure. The current cycle began from the March 30, 2026 low, where wave 1 concluded at 7147.78. A corrective dip followed, with wave 2 ending at 7046.55. From that point, the Index established a nested sequence higher in wave 3. Within this progression, wave ((i)) terminated at 7517.12, while the subsequent pullback in wave ((ii)) found support at 7336.33.
Momentum has since carried the Index higher in wave ((iii)). From the low of wave ((ii)), wave (i) ended at 7620.90, and the retracement in wave (ii) completed at 7523.58. As long as the pivot at 7336.33 remains intact, near‑term pullbacks are expected to hold support. These corrections should unfold in either three or seven swings before the Index resumes its upward trajectory.
However, risk management remains essential. If the pivot from May 19 at wave ((ii)) fails, the implication is that the cycle from the March 30, 2026 low has concluded. In that scenario, the Index would be positioned to correct a larger degree cycle against the March 30 low. Traders should therefore monitor the key levels closely, as the integrity of the impulsive structure depends on the preservation of these pivots.
S&P 500 (SPX) 60-Minute Elliott Wave Chart
SPX Elliott Wave Video:
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