HomeContributorsTechnical AnalysisElliott Wave View: ES_F Ending Impulse

Elliott Wave View: ES_F Ending Impulse

Short Term Elliott Wave view in ES_F suggests the rally to 2403.75 ended Minor wave A. Minor wave B unfolded as an Expanded Flat Elliott Wave structure where Minute wave ((a)) ended at 2379, Minute wave ((b)) ended at 2404.5, and Minute wave ((c)) of B ended at 2344.5. After ending the pullback, the Index started a new leg higher and the rally from 2344.5 low looks to be unfolding as a 5 waves Elliott Wave impulse structure where Minutte wave (i) ended at 2375, Minutte wave (ii) ended at 2361, Minutte wave (iii) ended at 2388 and Minutte wave (iv) ended at 2378. Minutte wave (v) is in progress and the Index has scope to extend higher towards 2404.2 – 2410.5 area and this last push higher should also end Minute wave ((a)).

Once Minute wave ((a)) is complete, the Index is expected to pullback within Minute wave ((b)) in 3, 7, or 11 swing to correct cycle from 5/18 low (2344.7) before the rally resumes again. Ideally the last push higher in Minutte wave (v) of ((a)) breaks above the previous peak at 2404.5 as a break above that level will give confirmation that the Index has started the next leg higher. If Minute wave ((a)) can end above 2404.5, there’s a better chance that Minute wave ((b)) pullback can hold above 2344.7 for the next leg higher. We don’t like selling the proposed pullback and expect buyers to appear again once Minute wave ((b)) pullback is complete at later stage, provided that pivot at 2344.7 low remains intact.

ES_F 1 Hour Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its 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 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. 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, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading