S&P 500 (SPX) Short Term Elliott Wave Analysis 5.19.2015

Decline to 2061.9 completed wave X. Wave ((w)) rally from this level is unfolding in the form of a double correction (w)-(x)-(y). Wave (w) of ((w)) took the form of a double correction w-x-y and ended at 2118.1. Wave (x) of ((w)) also took the form of a double correction w-x-y and ended at 2084.1. Wave (y) of ((w)) is currently in progress towards 2140.3 – 2153.6 and is taking the form of a triple correction w-x-y-x-z where wave w ended at 2109.9, wave x ended at 2095.9, wave y ended at 2126.4, second wave x ended at 2116.1, and wave z is in progress towards 2140.3 – 2153.6 to complete wave ((w)). Expect some profit taking from 2140.3 – 2153.6 area and the Index to pullback 3 waves lower in wave ((x)) to correct the rally from 2061.9. We do not like selling the proposed wave ((x)) pullback. We expect buyers to come again for the next leg higher once wave ((x)) pullback is complete.

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