S&P 500 Breaches 4800 - Is 5000 Next?

investing.com:

In our previous update, see here; we presented three Elliott Wave Principle (EWP) options for the S&P 500.

And acknowledged that

“Unfortunately, at this stage, we can't discern between A), B), or C). We always wish things to be more transparent, but we are not dealing with a linear environment. We are not prophets. Nobody is; we can never be certain and not tell you which way the market will go daily. Still, we certainly can provide the most likely scenarios and the parameters, i.e., price levels to look for, so you will know what to expect.”

Fast-forward: The index bottomed out at $4682 on January 5th and staged a strong enough rally to produce new all-time highs, moving it from a possible more extensive correction to the rally to $4883-5026, which we were tracking. Now, we expect the impulse from that low to unfold per the (grey) Fibonacci-based impulse pattern shown in Figure 1 below.

Figure 1. Daily SPX chart with detailed EWP count and technical indicators

Since markets, and especially impulse patterns, are fractal in nature, we expect the index to now be in W-3 of W-iii, which has an ideal target around $4830-60 (100-123.60% extension of the grey W-i, measured from the grey W-ii low). Today, the SPX reached $4868 and started to correct (slightly), which should be W-3 and W-4 of W-iii, respectively.

We expect W-4 of W-iii to ideally bottom at around $4830±10, which is the 23.60-38.2% retracement zone of W-3. Possibly to as low as $4805±5 but in uptrends, the downside often disappoints, and looking higher is preferred. Once W-4 is completed, we should see W-5 of W-iii to the ideal (grey) target zone of $4875-4900. From there, the grey W-iv and -v to ideally $4830-60 and $4915-4945 should materialize.

Please note