Continuation of Previous Elliott Wave Outlook (Link Below)
Chart Update Date: 06 Dec 2025
📍 Old Analysis Reference (28 Aug 2025)
In my previous analysis shared on 28 August 2025, I highlighted that the SPX was completing Wave 4 and was expected to resume the upward journey into Wave 5 within the rising channel structure.
🔗 Previous Forecast:
https://in.tradingview.com/chart/SPX/KzZDojRw-SPX-ANALYSIS-28-AUG-2025/
Price respected the projection zone perfectly, holding the 6,500 major support, which confirmed the end of Wave 4 and triggered the beginning of Wave 5.
📈 Current Technical Outlook
The index is now trading back inside the mid-channel region and above the BB mid-line, indicating continuation momentum.
💡 Key Observations
-
Wave 4 completed at 6,500 support zone
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Strong rebound from channel bottom with bullish confirmation
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RSI rising from 40–45 range & crossed signal line → bullish momentum shift
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Price respecting the rising parallel channel structure
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Trading above 20 SMA Bollinger mid-band
🎯 Wave 5 Upside Targets
| Target Levels | Notes |
|---|---|
| 7,089 | First resistance |
| 7,255 – 7,497 | Major Fib Cluster |
| 7,600 – 7,734 | Primary Wave 5 target |
| 7,900 – 8,000 | Extended Wave 5 potential |
🛡 Invalidation & Support
| Support Zone | Comment |
|---|---|
| 6,925 | Short-term |
| 6,500 | Wave 4 low / structural invalidation |
| 4,800 | Long-term macro support |
🧠 Conclusion
As long as 6,500 remains protected, the structure strongly favors bullish continuation toward 7,250–7,600 initially and possibly even 8,000.
📌 Bias: Bullish
📌 Invalidation: Close below 6,500
❓ Discussion
Will SPX achieve 8,000 before any major correction?
Share your thoughts below 👇
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Arockia.