The rally from the March 25, 2021 bottom is unfolding as a leading diagonal, according to short-term Elliott Wave analysis. Wave 1 concluded at 2298.3 after rising from the March 25 low, and wave 2 ended at 2112.6 after a pullback. The index then resumed its upward trend in wave 3 towards 2350.30, before pulling down in wave 4 to 2206.20. Wave 5 is currently in progress, with internal subdivision as a five-wave impulse of decreased intensity. Wave I concluded at 2287.30, and dips in wave (ii) ended at 2258.80, both up from wave 4.
In wave (iii), the index rose to 2342.80, and the pullback in wave (iv) concluded at 2330.30. The final leg of the higher wave (v) concluded at 2346.70, completing wave I to a greater degree. Internal as a double three Elliott Wave structure, Wave ((ii)) pullback finished at 2284.70. Wave (w) finished at 2299.40, down from wave I and the rally in wave (x) concluded at 2328.80. In wave (y), the index then extended its decline to 2284.70. This wave ((ii)) is now complete. Expect the Index to continue to rise as long as it is over 2284.70, and especially so if it is above 2207.16. As long as the pivot low of 2207.16 on June 21 remains firm, dips should find support in the 3, 7, or 11 swing for further upward./n
