S&P 500 futures (ES) impulsive rally favors the bullish side [Video]
|Short Term Elliott Wave in S&P 500 Futures (ES_F) suggests that cycle from 7.27.2023 high has ended with wave (4) at 4235.5. The Index has turned higher in wave (5). The rally is currently in progress as a 5 waves impulse Elliott Wave structure. Up from wave (4), wave ((i)) ended at 4304 and pullback in wave ((ii)) ended at 4242.35. The Index then extended higher again. Up from wave ((ii)), wave (i) ended at 4358.5 and wave (ii) dips ended at 4299.5. Wave (iii) ended at 4381, wave (iv) ended at 4366.25, and wave (v) ended at 4419 which completed wave ((iii)). Pullback in wave ((iv)) ended at 4377.25.
Up from wave ((iv)), wave (i) should end soon. Then the Index should see a wave (ii) pullback before two more highs in wave (iii) and (v). This should complete the larger degree wave ((v)) of 1. Afterwards, expect wave 2 pullback to correct cycle from 10.4.2023 low before it resumes higher. Near term, as far as pivot at 4235.5 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
ES 45 minutes Elliott Wave chart
S&P 500 futures (ES) Elliott Wave video
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