S&P 500 E-Mini (ES_F) Elliott Wave: Forecasting the rally from equal legs zone
In this technical article, we’re going to take a quick look at the Elliott Wave charts of the S&P 500 E-Mini (ES_F Futures) , published in the members area of the website.
As our members know, $ES_F recently pulled back and found buyers at the equal legs area. The main outlook remains bullish. Here’s our Elliott Wave Forecast and what to expect next.
ES_F Elliott Wave one-hour chart 02.02.2025
$ES_F has made a clear five-wave decline from the peak—((a)) in black—followed by a three-wave bounce in ((b)), as expected. Since the decline unfolded in 5 waves, we assume ES_F completed only the first leg of a deeper Zig Zag pattern. As long as the price remains below the 6148.21 peak, $ES_F is likely now in the final ((c)) leg of the correction. We expect the decline toward the 5935–5884 area to complete wave 2 (red) before the larger trend resumes.
ES_F Elliott Wave one-hour chart 02.14.2025
ES_F made another leg down, following a 5-wave structure toward the extreme zone. It found buyers and turned higher as expected. Now, we’d like to see a break above the January 24th peak, which will confirm further extension to the upside. The futures should ideally remain supported as long as the pivot at the 5935 low holds.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
