SPX Elliott Wave Analysis: Charting the Short‑Term Trajectory and Potential Reversal

Traders, this analysis examines the recent Elliott Wave pattern on the SPX Index. After a recent rally, the index formed a three‑wave intraday pullback, a structure consistent with a bullish Elliott sequence. The price completed a distinct three‑wave decline from the high and anchored at the Equal Legs support zone, which we view as a potential buying area. Below we detail how we guided members through the setup and present our current price‑action outlook.

SPX Elliott Wave 1 Hour Chart 09.30.2026

The chart shows SPX in a three‑wave pullback from recent peaks. The pattern remains incomplete, indicating possible further downside before the corrective phase finishes.

SPX Elliott Wave 1 Hour Chart 10.01.2026

The index continued its decline as anticipated, validating the earlier scenario. Using the Fibonacci Extension tool, the Equal Legs area—derived by comparing wave a to wave b—identifies the buyers’ zone at 7362.45‑7557.95. We anticipate that price will find support here, with buyers stepping in to initiate at least a three‑wave bounce, potentially extending toward new highs.

SPX Elliott Wave 1 Hour Chart 10.02.2026

The index fell to the Equal Legs zone as projected and encountered buying pressure, completing the pullback (ii) at 7616.9. Consequently, long positions entered at the Equal Legs level are now risk‑free after moving stops to breakeven. Our view remains bullish; the critical level is 7616.9, and a sustained close above this low suggests further upside.

Important note: It is important to note that our Elliott Wave analysis is integrated with higher‑time‑frame cycle studies, which currently indicate an incomplete market structure. This factor, together with correlation analysis and broader market context, is a key driver of the price action.

We also conduct live sessions teaching members how to spot incomplete bullish and bearish Elliott sequences. A 14‑day trial provides sufficient exposure to enhance analytical skills and forecasting capabilities.

Source link