The S&P 500 E-Mini Futures (ES) have concluded a corrective phase against the cycle from the April 2025 low at 6367. This decline has been identified as wave (2). Following the completion of this pullback, the market resumed its upward trajectory in wave (3), breaking decisively above the prior peak of wave (1) at 7036.25. This breakout has established a bullish sequence and confirmed that the next leg higher has commenced.
From the termination of wave (2), the advance unfolded with wave ((i)) ending at 6653.75. A subsequent retracement in wave ((ii)) found support at 6503.75. The index then accelerated higher in wave ((iii)), reaching 7185.75. Afterward, a modest pullback in wave ((iv)) concluded at 7079.25. The structure now points toward further extension in wave ((v)), which should complete wave 1 of a higher degree.
Once wave 1 finishes, the market is expected to undergo a corrective phase in wave 2. This retracement will adjust the cycle from the March 31, 2026 low before the broader uptrend resumes. In the near term, as long as the pivot at 6367 remains intact, pullbacks are likely to attract buyers. These corrections should unfold in either three or seven swings, offering opportunities for continuation to the upside.
S&P 500 E-Mini Futures (ES) 60-Minute Elliott Wave Chart
ES Elliott Wave Video:
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 have concluded a corrective phase against the cycle from the April 2025 low at 6367. This decline has been identified as wave (2). Following the completion of this pullback, the market resumed its upward trajectory in wave (3), breaking decisively above the prior peak of wave (1) at 7036.25. This breakout has established a bullish sequence and confirmed that the next leg higher has commenced.){kind=link}