Cycle from 9.29.2022 low is in progress as a 5 waves impulse Elliott Wave structure. In the 45 minutes chart below, we can see wave 4 ended at 13795.47. Wave 5 rally is currently in progress with internal subdivision as another 5 waves impulse. Up from wave 4, wave ((i)) ended at 14160.87 and pullback in wave ((ii)) ended at 13871.32. Internal subdivision of wave ((ii)) unfolded as a zigzag structure where wave (a) ended at 13874.50, wave (b) ended at 14063.14, and wave (c) ended at 13871.32
Wave ((iii)) higher is now in progress with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 14065.59 and pullback in wave (ii) ended at 13922.55. Wave (iii) higher ended at 14501.60 and pullback in wave (iv) ended at 14388.98. Final leg higher wave (v) should end soon which should complete wave ((iii)). Afterwards, the Index should pullback in wave ((iv)) to correct cycle from 12.29.2022 low before the rally resumes. Near term, as far as pivot at 13795.47 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
Wave ((iii)) higher is now in progress with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 14065.59 and pullback in wave (ii) ended at 13922.55. Wave (iii) higher ended at 14501.60 and pullback in wave (iv) ended at 14388.98. Final leg higher wave (v) should end soon which should complete wave ((iii)). Afterwards, the Index should pullback in wave ((iv)) to correct cycle from 12.29.2022 low before the rally resumes. Near term, as far as pivot at 13795.47 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
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