S&P 500 ETF (SPY) Eyes Renewed Uptrend After Corrective Phase
The short-term Elliott Wave outlook suggests the corrective wave (2) in SPY ended at $716.55, setting up a potential renewal of the uptrend from the March 31 low.
SPY
Technical analysis of the S&P 500 ETF (SPY) using Elliott Wave theory indicates that the cycle from the March 31 low completed wave (1) at $760.40. The subsequent corrective phase in wave (2) appears to have ended at $716.55, as shown on the 45-minute chart. This pattern suggests the ETF may be positioned for a renewed uptrend in the coming sessions.
Traders are watching for confirmation of the wave (2) low and a move above the previous high to validate the bullish continuation scenario. The analysis is based solely on short-term wave structure.
Source: FXStreet Forex News