The S&P 500 (SPX) completed its cycle from the April 2025 low on February 2, 2026, when it reached 6991.92. This level is identified as wave (1). Since that peak, the Index has been correcting the entire cycle from April 2025 through a double‑three Elliott Wave structure. From the February high, wave W declined to 6652.56, followed by a recovery in wave X that ended at 6845.08. The Index then resumed lower in wave Y, which extended toward 6318.33. It has since turned higher in wave (3), although a break above the wave (1) high at 6991.92 is still required to fully invalidate the possibility of a second corrective sequence.
From the wave (2) low, wave (i) advanced to 6609.67, and the subsequent pullback in wave (ii) ended at 6474.94. The structure suggests that additional highs remain likely to complete waves (iii), (iv), and (v). This sequence should finish wave ((i)) and conclude the cycle that began from the March 31 low. A corrective pullback is expected afterward before the broader rally resumes. In the near term, the bullish outlook remains valid as long as the pivot at 6318.33 stays intact. Under this condition, any dips should continue to find support within a three‑, seven‑, or eleven‑swing sequence, reinforcing the potential for further upside as the larger trend progresses.
S&P 500 45-minute Elliott Wave chart
SPX Elliott Wave [Video]
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