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S&P 500 Futures (ES_F) Elliott Wave View: Correction Ended

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Elliott wave view in S&P 500 Futures (ES_F) shows a bullish sequence from December 26, 2018 low favoring the further upside. In the short-term chart below, the index ended the 5 waves rally from 6/13/2019 low within wave ((i)) at $3023.50 high. Down from there, the index corrected the rally from 6/13/2019 low in wave ((ii)) & made a 3 swings pullback. The pullback from the peak unfolded asElliott wave zigzag structurewhere wave (a) ended the first leg in lesser degree 5 waves at $3003.25 low.

Up from there, wave (b) bounce ended at $3013 high. Wave (c) ended at $2974.76 low with another lesser degree 5 waves. Therefore completed the correction in wave ((ii)) pullback. However, a break above $3023.50 high seen at 7/15/2019 peak will remain to be seen to validate this bullish view & to avoid double correction lower from the peak. Above from $2974.76 low, the index is looking to extend higher 1 more push higher to become 5 waves impulse rally in wave (i). Afterwards, the index is expected to see a shorter-term pullback against $2974.76 low in 3, 7 or 11 swings within wave (ii) before more upside can be seen. We dont like selling the index anda potential target from December 26, 2018 low will remain at 3377 3529 area to the upside.

ES_F 1 Hour Elliott Wave Chart

S&P 500 Futures (ES_F) Elliott Wave View: Correction Ended

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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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