The short‑term Elliott Wave outlook for the S&P 500 ETF (SPY) continues to indicate that the cycle from the June 27 low is progressing as a well‑defined impulse. From that low, wave ((i)) advanced to 756.22, followed by a measured pullback in wave ((ii)) that found support at 725.96, as reflected in the one‑hour chart. The ETF then resumed its upward trajectory in wave ((iii)), which developed as an impulse of lesser degree. Within this structure, wave (i) concluded at 746.55, and the subsequent retracement in wave (ii) ended at 737.68. Momentum strengthened again as wave (iii) extended toward 776.85. The pullback in wave (iv) unfolded as a triangle, ultimately terminating at 771.29. The final leg, wave (v), carried the ETF to 779.37, completing wave ((iii)) in higher degree.
The market then entered a corrective phase as wave ((iv)) unfolded in a zigzag formation. From the wave ((iii)) peak, wave (a) declined to 765.86, while wave (b) recovered to 772.47. The final leg, wave (c), moved lower and ended at 761.99, completing the corrective structure. With this development, the ETF has turned higher again, initiating wave ((v)). In the near term, the key pivot remains at 725.96. As long as this level holds, any pullback is expected to attract buyers within a three‑ or seven‑swing sequence, supporting the broader bullish outlook.