{"id":7308,"date":"2024-12-16T20:17:38","date_gmt":"2024-12-16T20:17:38","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=7308"},"modified":"2025-05-12T12:49:07","modified_gmt":"2025-05-12T12:49:07","slug":"sp-500-rally-continues","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/sp-500-rally-continues\/","title":{"rendered":"S&amp;P 500 Elliott Wave: The Rally Continues"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S&amp;P 500 continues to rally in wave 5<\/li>\n\n\n\n<li>Additional highs are anticipated at $6200 and possibly $6325-6400 based on Fibonacci wave relationships<\/li>\n\n\n\n<li>A print below $6013 would cause us to reconsider the preferred wave count<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Fed Meeting and US Interest Rates<\/h2>\n\n\n\n<p>The heavy news for this week is the FOMC meeting and concluding on Wednesday, December 18 announcing their latest interest rate maneuvers.<\/p>\n\n\n\n<p>The street is largely expecting <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/weekly-outlook\/feds-december-rate-cut-a-slower-steadier\/\">Fed rate cuts<\/a> of 25 basis points to 4.25%-4.50%. If any surprises exist, it will be the Fed\u2019s interest rate projections for 2025.<\/p>\n\n\n\n<p>The SP500 has been cheering the interest rate cuts for the past four months as the cost of money reduces.<\/p>\n\n\n\n<p>How much higher can the SP500 go?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"677\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/SPX_2024-12-16_14-03-53-1024x677.png\" alt=\"\" class=\"wp-image-7309\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/SPX_2024-12-16_14-03-53-1024x677.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/SPX_2024-12-16_14-03-53-300x198.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/SPX_2024-12-16_14-03-53-768x508.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/SPX_2024-12-16_14-03-53.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The S&amp;P 500 has developed into a well-defined Elliott wave progression in a rising channel. Our October 3 post listed <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/sp500-slip-bull-wont-trip\/\">two different Elliott wave counts<\/a>. We are narrowing down and focusing on just the bullish count right now.<\/p>\n\n\n\n<p>After wave 4 bottomed in early August, SP 500 is rallying in wave 5 that appears incomplete.<\/p>\n\n\n\n<p>Within the 5th wave, we can anticipate a motive wave to develop, an impulse or diagonal.<\/p>\n\n\n\n<p>The current shape of the rally from August does open the door for either interpretation (impulse or diagonal).<\/p>\n\n\n\n<p>The image above displays an ongoing impulse rally for wave 5 and <strong>the current wave appears to be (iii) of ((iii)) of 5<\/strong>. If this wave structure is correct, then SP 500 would be entering the meat of this fifth wave rally.<\/p>\n\n\n\n<p>Initial topside projections based on <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extension<\/a> show a soft target near $6200, then $6325-$6400.<\/p>\n\n\n\n<p>If this wave count is correct, then even a slight dip near $6200 should remain shallow as a small degree 4th wave with even higher prices is still anticipated.<\/p>\n\n\n\n<p>A breakdown below $6013 will be a cause for concern that another pattern, possibly a diagonal is carving.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Based on the current <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave count<\/a>, we are anticipating SP500 to continue its uptrend to $6200 and possibly $6325-6400.<\/p>\n\n\n\n<p>In the unexpected event of a print below $6013, then we\u2019ll reconsider the wave count and consider a diagonal for wave 5.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"GOFldECzfL\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/\">Gold Can\u2019t Catch a Break (Yet) [Elliott Wave Gold]<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Gold Can\u2019t Catch a Break (Yet) [Elliott Wave Gold]&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/embed\/#?secret=yHZMo6GouA#?secret=GOFldECzfL\" data-secret=\"GOFldECzfL\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P 500 rally extends in Elliott Wave 5, targeting $6200-$6400. A drop below $6013 could signal a shift. Fed rate cuts bolster optimism.<\/p>\n","protected":false},"author":160,"featured_media":7311,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-7308","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>S&amp;P 500 Elliott Wave: The Rally Continues - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"S&amp;P 500 rally extends in Elliott Wave 5, targeting $6200-$6400. A drop below $6013 could signal a shift. 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