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Elliott Wave View: 5 Waves Rally in S&P 500 Futures (ES_F) Suggests More Upside

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Elliott wave view in S&P 500 Futures (ES_F) suggests that the Index ended wave (W) at 2729.56 on June 4. This ended the decline which started from May 1 high as a 3 waves zigzag Elliott Wave structure. The Index is correcting cycle from May 1 high in wave (X) in 3, 7, or 11 swing. The internal of wave (X) rally is unfolding as azigzag Elliott Wave structure. A zigzag is an ABC with 5-3-5 structure. Wave A is currently in progress as a 5 waves impulse.

Up from 2729.56, wave ((i)) ended at 2755.75, wave ((ii)) ended at 2744, wave ((iii)) ended at 2824.75, and wave ((iv)) ended at 2801. The Index can see 1 more leg higher in wave ((v)) before ending wave A. Afterwards, it should pullback in wave B to correct cycle from June 4 low (2729.56) in 3, 7, or 11 swing before turning higher again in wave C. We dont like selling the Index. As the rally from June 4 low is impulsive, expect wave B pullback to hold above 2729.56 for at least 1 more push higher in wave C.

S&P 500 Futures (ES_F) 1 Hour Elliott Wave Chart

ES_F 6 June

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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