S&P 500 E-Mini (ES_F) still needs validation for the next leg higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

S&P 500 E-Mini Futures rallies in an impulse structure from 10.27.2023 low. Up from there, wave 1 ended at 4607.75 and pullback in wave 2 ended at 4548.75. The Index then extended higher in wave 3 towards 5333.5 as the 1 hour chart below shows. Pullback in wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 5235 and rally in wave ((b)) ended at 5308.50. Index then turned lower in wave ((c)) towards 5191.37 which completed wave 4 in higher degree.

The Index has turned higher in wave 5, but it still needs validation by breaking above wave 3 at 5333.5 to rule out a double correction. Up from wave 4, wave (i) ended at 5272.50. Pullback in wave (ii) unfolded as an expanded flat where wave a ended at 5236.5 and wave b ended at 5274.25. Wave c lower ended at 5208.25 which completed wave (ii). Near term, as far as pivot at 5191.37 low, expect pullback to find support in 3, 7, or 11 swing for further upside. If it breaks below 5191.37, then the Index would do a double zigzag and should see support at the next extreme area.

ES 60 minutes Elliott Wave chart

S&P 500 E-Mini (ES_F) Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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