The short‑term Elliott Wave outlook in the S&P 500 ETF (SPY) indicates that the cycle from the June 27 low continues to unfold as an impulse structure. From that low, wave ((i)) concluded at 756.22, followed by a corrective pullback in wave ((ii)) that ended at 725.96. The ETF then advanced in wave ((iii)), which developed as another impulse, as reflected in the 45‑minute chart. Within this sequence, wave (i) terminated at 746.55, while the subsequent dip in wave (ii) found support at 737.68. The rally extended further in wave (iii), reaching 776.85, before a modest retracement in wave (iv) ended at 771.29.
The final leg, wave (v), carried prices to 779.37, thereby completing wave ((iii)) of higher degree. At present, the market is engaged in a corrective phase identified as wave ((iv)). This pullback is expected to unfold in either three or seven swings, serving to correct the cycle that began from the July 30 low. Once this correction is complete, the broader rally should resume.
In the near term, the critical pivot remains at 725.96. As long as this level holds, the expectation is that any pullback will eventually locate support within a three, seven, or eleven‑swing sequence. Such a development would provide the foundation for renewed upside momentum, reinforcing the view that the larger bullish cycle remains intact. This structure highlights the disciplined rhythm of Elliott Wave analysis, where corrections serve as pauses before the prevailing trend continues.
S&P 500 ETF 45 minute Elliott Wave chart
SPY Elliott Wave [Video]
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