{"id":29944,"date":"2026-06-29T20:45:56","date_gmt":"2026-06-29T20:45:56","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=29944"},"modified":"2026-06-29T20:45:57","modified_gmt":"2026-06-29T20:45:57","slug":"sp500-continued-rally","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/sp500-continued-rally\/","title":{"rendered":"SP500 Elliott Wave: Continued Rally"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trend Bias:<\/strong> Shifting higher after a month-long downward correction.<\/li>\n\n\n\n<li><strong>Wave Count:<\/strong> Wave ((iii)) bullish rally.<\/li>\n\n\n\n<li>If SPX pushes below <strong>7,237<\/strong>, then a deeper decline is likely to <strong>7,103<\/strong> or <strong>6,929<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">After correcting sideways for the month of June, SPX appears poised to continue its rally to new all-time highs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"620\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/SPX_2026-06-29_15-41-25-1024x620.png\" alt=\"\" class=\"wp-image-29945\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/SPX_2026-06-29_15-41-25-1024x620.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/SPX_2026-06-29_15-41-25-300x182.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/SPX_2026-06-29_15-41-25-768x465.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/SPX_2026-06-29_15-41-25.png 1452w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">An <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> impulse pattern counts as 5 waves. It appears the rally from March 30 has completed five waves while registering <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/the-rsi-divergence-explained\/\">RSI divergence<\/a> into the high.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SPX did correct lower. However, the decline was sloppy and choppy, indicative of a corrective decline and not an impulsive decline. This behavior suggests the decline would be temporary and lead to new all-time highs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is possible to consider that the month-long zigzag decline in June is complete, labeled (a)-(b)-(c). Prices may decline further, possibly reaching the 38% <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci retracement<\/a> level near 7,103.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, SPX doesn\u2019t have to decline further as it has reached the 23.6% retracement level, which is considered the minimum retracement zone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keep an eye on the brown <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">resistance trend line<\/a>. If SPX breaks above this trend line, then it would be a clue that perhaps wave ((iii)) is trending higher to new all-time highs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Failure to break above the resistance trend line, currently sitting near 7,525 may signal that a deeper correction in wave ((ii)) is not complete.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regardless on the depth of the decline, we anticipate that SPX will hold above the 200-day <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/simple-moving-average\/\">simple moving average<\/a> at 6,929.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SPX is in the latter stages of a corrective decline for wave ((ii)). This means a strong wave ((iii)) bullish rally is about to begin to push SPX up to new all-time highs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the June low of 7,237 is broken, then wave ((ii)) is still carving and pushing lower, possibly to 7,103 and 6,929.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SPX Elliott Wave analysis shows a month-long correction shifting into a bullish rally that leads to new all-time highs. Key levels inside.<\/p>\n","protected":false},"author":160,"featured_media":29951,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-29944","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SP500 Elliott Wave: Continued Rally - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"SPX Elliott Wave analysis shows a month-long correction shifting into a bullish rally that leads to new all-time highs. 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